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Oil slips ahead of OPEC+ decision on production cuts

NEW YORK (Reuters) -Oil futures fell nearly 2% on Wednesday as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices. U.S. West Texas Intermediate crude futures fell $1.40, or 2%, to $68.54. The market was on tenterhooks, with investors focused on the upcoming OPEC+ meeting, analysts said.

Fed’s Powell Expects Good Relations With Trump Administration

(Bloomberg) -- Federal Reserve Chair Jerome Powell downplayed the prospects of tension with the incoming Trump administration and said he expects officials can move cautiously as they continue lowering interest rates.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams“We can afford to be a little more cautious as we try to find neutral,” Powell said in reference to the level for rates that neither sp

Fontainebleau Miami Beach to Borrow $975 Million in Bond Market

(Bloomberg) -- Fontainebleau Miami Beach, a luxury hotel founded in the 1950s, plans to sell a $975 million commercial mortgage-backed security to refinance its debt. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsIt seeks to raise around $1.2 billion in debt financing, including the CMBS and a mezzanine loan of as much as $225 million, according to deal documents.Jeffrey Soffer, the indirect maj