LIVE UPDATES: US stocks, gas prices, crypto, oil higher, diesel prices fall

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incoming update…Bitcoin, Ethereum, Dogecoin all higher early Tuesday morningCryptocurrency prices were higher heading into Tuesday morning. (Getty Images)

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were all higher early Tuesday. 

At approximately 4:45 a.m. ET, Bitcoin was trading at nearly $20,000 (+1.87%), or higher by more than $365.

 For the week, Bitcoin was trading higher by nearly 2.21%. For the month, the cryptocurrency was slightly less than 1%. 

Ethereum was trading at approximately $1,351 (+2%), or higher by more than $26.50. 

For the week, Ethereum was trading lower by slightly more than 0.60%. For the month, it was trading lower by approximately 14.85%.

Dogecoin was trading at $0.060576 (+0.26%), or her by approximately $0.000157.  For the week, Dogecoin was lower by nearly 1%. For the month, the crypto was lower by nearly 3.65%.Posted by FOX Business Team Share Gas prices edge higher, diesel fallsGasoline prices rose overnight while diesel prices fell slightly. (gasprices.aaa.com)

The recent run of gasoline price increases nationwide continued on Tuesdays as the price for a gallon of gasoline nationwide edged up to $3.805. On Monday, the price was $3.799. On Sunday, the price was $3.796, according to AAA. 

One week ago, the price of a gallon of gasoline nationwide was $3.747. One month ago, the price was $3.789. One year ago, the price of a gallon of gasoline stood at $3.20. 

Gasoline hit an all-time record high on June 14 of $5.016, approximately 16 weeks ago.

Meanwhile, diesel fell on Tuesday to $4.863. On Monday, diesel sold for $4.87 per gallon. On Sunday, the price was at $4.873 a gallon. 

One week ago, the price of a gallon of diesel nationwide was $4.89. One month ago, the price was $5.072. One year ago, the price of a gallon of diesel stood at $3.356.Posted by FOX Business Team ShareEnergy experts caution on Europe’s energy crisis, warn America may be nextSix energy experts penned a letter to Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Kevin McCarthy, R-Calif., on Tuesday expressing concern about the US following European energy policies.. (Reuters)

A group of energy and environment experts are sounding the alarm on U.S. climate policy and pointing to Europe’s crisis as an example of “blindly” abandoning energy security. 

In a letter Tuesday, the coalition of six experts urged congressional Republican leaders Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Kevin McCarthy, R-Calif. to consider how green policies have contributed to the energy crisis in Europe.

They added that the crisis proves the U.S. lawmakers need to bolster, not “compromise,” energy security. 

“The actual environmental benefits of ‘green’ energy are few and far between, if there are any at all. Yet its economic and national security impact is immeasurably negative,” the experts wrote in the letter. “Compromising American energy security for the sake of climate alarmism is more than a misstep, it is a catastrophic error just look at Europe.” 

“Defending our nations energy economy and independence must be a priority,” they continued. “Europes energy crisis sits as a clear and present warning of what may lie ahead if we continue down this road, let us not follow them blindly into the same disaster.” 

In recent months, European consumers and businesses have been hit with massive energy bills due to Russia’s invasion of Ukraine, which upended global oil and gas markets due to Russian producers’ dominance, and an aggressive transition to green energy sources like wind and solar pushed by several major European nations. 

Amid the crisis, Europeans have been forced to take drastic measures to conserve energy and keep bills low while governments have imposed rationing rules and introduced relief programs. The letter noted that the crisis has forced manufacturing plants to close and will likely lead to major blackouts throughout the winter in Germany. 

“For political reasons, Europe chose to rely on renewable energy and also oil from hostile sources in this case being Russia,” James Taylor, the president of think tank Heartland Institute, told FOX Business in an interview. ”

Here we have in the United States, we’re being told by the environmental left, by the administration, that we should choose the same path, that we should be focusing on renewable energy. That’s just a terrible path.” 

“In Europe, you see electricity prices that are approximately double what they are here in the United States,” he continued. “That, again, is because of the choices that they have made for renewable energy and relying on a hostile nation. We’re setting ourselves up for the same thing, which would definitely be a bad idea.”Posted by Thomas Catenacci ShareUS stocks higher as investors await September jobs reportUS stocks were moving higher overnight with the Dow up by almost 350 points around 5 a.m. ET. (Associated Press)

SymbolPriceChange%ChangeI:DJI$29,490.89765.382.66SP500$3,678.4392.812.59I:COMP$10,815.43239.822.27

U.S. stocks were moving higher early Tuesday morning, one day before OPEC+ is scheduled to meet in Vienna to discuss cuts in oil production and on the day job openings and factory orders reports are to be released.

On Monday, Wall Street soared to its best day in months in a widespread relief rally after some unexpectedly weak data on the economy raised the possibility that the Federal Reserve won’t have to be so aggressive about hiking interest rates. 

The S&P 500’s leap of 2.6% to 3,678.43 was its biggest since July, the latest swing for a scattershot market thats been mostly falling this year on worries about a possible global recession. 

The Dow Jones Industrial Average jumped 2.7%, to 29,490.89, and the Nasdaq composite gained 2.3% to 10,815.43. 

Stocks took their cue from the bond market, where yields fell to ease some of the pressure that’s been battering markets this year.

The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, fell to 3.62% from 3.83% late Friday. It got as high as 4% last week after starting the year at just 1.51%. 

A report on U.S. manufacturing came in weaker than expected, along with data showing a drop off in construction spending from July to August. That may seem discouraging, but could mean the Federal Reserve can ease off on raising interest rates to beat down the high inflation damaging households finances. 

By raising rates, the Fed is making it more expensive to buy a house, a car or most anything else purchased on credit. The hope is to slow the economy just enough to starve inflation of the purchases needed to keep prices rising so quickly. The Fed has already pulled its key overnight interest rate to a range of 3% to 3.25%, up from virtually zero as recently as March.

Most traders expect it to be more than a full percentage point higher by early next year. But stresses are building in financial markets and corporate profits have weakened as central banks around the world hike rates in concert. 

Meanwhile, Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. 

Japan’s benchmark Nikkei 225 added 2.8% in afternoon trading to 26,959.25. South Korea’s Kospi gained 2.5% to 2,209.98. 

Australia’s S&P/ASX 200 jumped 3.8% to 6,699.30 after its central bank boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%.

The Reserve Bank of Australias increase of a quarter percentage point to the cash rate was smaller than those at recent monthly meetings. When the bank lifted the rate by a quarter percentage point at its board meeting in May, it was the first rate hike in more than 11 years. Its now at its highest point since August 2013, when the bank cut the rat from 2.75% to 2.5%. 

Markets in Hong Kong and Shanghai were closed for holidays. 

Asian equities were positive on Tuesday after a corrective session as traders eye potentially oversold market conditions, Anderson Alves at ActivTrades said in a report.Posted by Associated Press Share Oil prices edge up ahead of OPEC+ meeting to discuss supply cutsOil prices were higher Tuesday as expectations OPEC+ may cut production at its meeting Tuesday in Vienna. (Getty Images)

Symbol PriceChange%ChangeCVX$151.738.065.61USO$67.892.614.00

Oil prices edged higher on Tuesday as expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday offset concerns about the global economy. 

Brent crude futures rose 46 cents, or 0.5%, to $89.32 per barrel by 0629 GMT after gaining more than 4% in the previous session. U.S. crude futures rose 30 cents, or 0.4%, to $83.93 a barrel. The benchmark gained more than 5% in the previous session, its largest daily gain since May. 

Oil prices rallied on Monday on renewed concerns about supply tightness. Investors expect that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, will cut output by more than 1 million barrels per day (bpd) at their first in-person meeting since 2020 on Wednesday. 

Voluntary cuts by individual members could come on top of this, making it their largest cut since the start of the COVID-19 pandemic, OPEC sources said. 

“Despite everything going on with the war in Ukraine, OPEC+ has never been this strong and they will do whatever it takes to make sure prices are supported here,” said Edward Moya, a senior analyst with OANDA, in a note. 

OPEC+ has boosted output this year after record cuts put in place in 2020 due to demand destruction caused by the COVID-19 pandemic. But in recent months, the organization has failed to meet its planned output increases, missing in August by 3.6 million bpd. 

The production cut being considered was justified by the sharp decline in oil prices from recent highs, said Goldman Sachs, adding that this reinforced its bullish oil view. 

Oil prices have dropped for four straight months as COVID-19 lockdowns in top oil importer China curbed demand while interest rate hikes and a soaring U.S. dollar pressured global financial markets.

Major central banks have embarked on the most aggressive round of rate rises in decades, sparking fears of a global economic slowdown. 

U.S. crude oil stocks were estimated to have increased by around 2 million barrels in the week to Sept. 30, a preliminary Reuters poll showed on Monday.Posted by Reuters Share

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