US stocks edge higher as investors weigh China's COVID surge and reopening of its borders
US stocks edged higher on Wednesday as investors weighed rising COVID infections in China and the country's reopening efforts.
Oil prices slid after touching a three-week high in the previous session as traders growing concerned that Beijing is moving too quickly to reopen. China announced on Monday that incoming visitors into the country would no longer be required to quarantine starting January 8. Crude also fet pressure from news that Russia will ban oil sales to countries participating in the G7 led effort to cap prices starting February 1. Freezing domestic temperatures in the US over the past week has also hampered oil and gas production, and refiners in both North Dakota in Texas were working to resume normal operations at facilities afflicted by the arctic blast.
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