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Stocks trade mixed; dollar index crosses 110

Oil prices rise more than 2%; IEF says non-OPEC+ states need to boost production

IEF Secretary General Joseph McMonigle said actors other than just the OPEC+ need to start increasing oil production.

“A lot of people think the gap between supply and demand is all OPEC or OPEC+, but half of that is still from U.S. producers who are not coming in and who are not producing at the same levels they were pre-Covid,” he elaborated.

McMonigle added the greatest challenge of imposing oil price cap on Russia proposed by the G-7 is “getting countries like India and China, and Russia of course, to participate.”

Brent crude futures climbed 2.9%, to $95.72 a barrel while U.S. West Texas Intermediate crude futures also rose 2.62% to $89.16 a barrel.

— Lee Ying Shan

Nuclear power can help Japan become energy self-sufficient, says minister

Reactivating nuclear plants in Japan will make it possible for the country to be self-sufficient and ensure energy…

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