The OPEC oil producers’ cartel and allied non-member countries led by Russia signed off Wednesday on gradually increasing production as the global economy and demand for fuel continue to recover.
The group fended off pressure from the U.S. to move faster in restoring production cuts made during the pandemic and potentially ease costs at the pump for American drivers.
The group, known as OPEC+, agreed at an online meeting to stick with earlier plans to add back 400,000 barrels per day from Oct. 1.
UMass system gets $50M gift
The University of Massachusetts has received a $50 million gift from a pair of alumni, the largest gift of any kind in system history, school officials announced.
The gift from Robert J. and Donna Manning will be spread among the system’s five campuses, with $15 million earmarked to endow the UMass Boston nursing program, which will become the Robert and Donna Manning College of Nursing and Health Sciences.
Nasdaq hits record
Stocks inched mostly higher on Wednesday, enough to nudge the Nasdaq composite index to an all-time high. Markets continue to remain quiet ahead of Friday’s jobs report and the Labor Day holiday in the U.S. on Monday.
The S&P 500 index rose 1.41 points, less than 0.1%, to close at 4,524.09. The Dow Jones Industrial Average fell 48.20 points, or 0.1%, to 35,312.53 and the Nasdaq climbed 50.15 points, or 0.3%, to 15,309.38.
