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Oil Rises After Biggest Surge Since May on Stimulus Optimism

(Bloomberg) — Oil rose further after the biggest gain since May on growing optimism for more U.S. fiscal stimulus and as Hurricane Delta heads for the Gulf of Mexico.

Futures added 3% in New York, following Monday’s surge above $39 a barrel. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will resume talks on Tuesday on another round of pandemic relief funding, but there’s no sign yet they are close to a deal despite Trump’s urging to get it done.

At the same time Hurricane Delta is hurtling toward the Gulf of Mexico, where it will likely force oil production to shut down. Gasoline futures gained Monday as the storm’s track became clearer, and continued to outpace gains in crude Tuesday.

chart: Oil reverses last week's losses when it plunged to a three-week low

© Bloomberg
Oil reverses last week’s losses when it plunged to a three-week low

Crude started the week by getting swept up in a broader market relief rally, and was aided by a strike in Norway that has shut fields and is curbing flows. Masses of people in China are vacationing during the Golden Week holiday, displaying the country’s confidence in its economic rebound and public health measures. But the outlook for global oil demand remains patchy with stricter lockdowns coming into force in parts of Europe.


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“This week is shrouded in upside risks, placing demand concerns to the background,” said Kevin Solomon, analyst at brokerage StoneX Group in London. “The promise of fiscal stimulus will continue to be a supporting factor.”

West Texas Intermediate for November delivery rose $1.18 to $40.40 a barrel as of 9:07 a.m. New York timeBrent for December settlement gained $1.1, or 2.7%, to $42.41 on the ICE Futures Europe exchange

Moves in the oil futures curve were more circumspect on Monday, signaling underlying weakness. The nearest timespread for Brent, which helps gauge the health of the market, gained only 1 cent and later contracts remain more expensive than nearer ones, showing oversupply. There have also been a flurry of options trades that would profit a buyer from lower prices in recent days.

See also: The World’s Biggest Oil Trader Wants to Buy Your Used Car

With a storm heading toward the U.S. Gulf attention is once again focusing on American oil balances. The American Petroleum Institute will release its weekly oil inventory update later, while the Energy Information Administration’s monthly report will also be released, giving clues about U.S. production.

Other oil-market news:
U.S. oil pipeline operators are slashing fees to encourage customers in Texas to keep using their networks to ship barrels to the Gulf Coast as the pandemic wreaks havoc on profits.JPMorgan Chase & Co. agreed to take over a bankrupt shale explorer that failed to lure other bidders.

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We Need More Entrepreneurs Building Companies That Address Society’s Biggest Needs

2020 is the year the world’s attention turned to the deep fractures of our economic, political, educational, and healthcare systems. The year when status quo solutions were no longer good enough. For all the declarations of being “in this together,” the dual pandemics of Covid-19 and systemic racism have revealed how low-income communities and people of color are disproportionately left out, let down, and punished by our systems.

The death of George Floyd, representing too many Black lives lost, has reignited the movement for racial justice around the world, demonstrating that we urgently need to build a society that is not only inclusive, but also just. The immediate call to reform police and criminal-justice systems in America is a significant step, but the change must go further. We must upend how capital flows, how hospitals care for patients, how institutions lend, how employers hire and care for workers, and how all of us see and care for each other.

To do this, we need to activate all parts of society—public, private, and nonprofit—to rebuild. We need to develop bold new solutions that address our most pressing problems at the systemic level, and then mobilize our resources to help those solutions achieve maximum impact.

A New Category of Entrepreneurs

Many of these new solutions are coming from a new category of entrepreneurs who apply their creative and innovative energy to solve problems of poverty. These entrepreneurs, who run for-profit businesses, have been the difference makers in countless communities across America. They bring crucial products and services to the people who need them most, while at the same time addressing the factors that contribute to them being the most in need.

The leaders of these companies are role models for our future because they share a new mindset that puts the wellbeing of all people and the planet at the heart of their businesses. And this new mindset reflects a moral revolution that’s happening across the country.

Restaurant chain Everytable serves healthy grab-and-go meals at fast-food prices in eight locations in underserved communities across Los Angeles. When Covid-19 shut the city down, Everytable CEO Sam Polk not only shifted to delivering food, but also provided free meals to anyone who couldn’t afford them. He also called on his community to help by asking customers who could afford more to “pay it forward.” This approach increased Everytable’s volume seven-fold and helped the chain provide over 3 million meals into the food deserts in L.A., including to the homeless, the recently unemployed, employers looking to feed their staff, and parents struggling to feed their children.

MindRight Health, based in Newark, New Jersey, provides culturally responsive and trauma-informed preventative mental health coaching by text message, to help youth in under-resourced communities manage daily stresses and navigate adversity. CEO Ashley Edwards aims to reimagine mental health services and advance health equity by making mental health care accessible and inclusive. The Covid-19 pandemic has magnified the challenges that lead to stress and anxiety for low-income youth, including

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