Logistics

Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check.

Ship congestion outside the biggest U.S. gateway for Asian imports worsened from a week ago, highlighting a headwind facing American companies just as a pileup around the Suez Canal had threatened to tangle Europe’s supply chains.

SUEZ, Egypt — Workers have successfully set free a colossal containership that for nearly a week has been stuck sideways across the Suez Canal, one of the world’s most crucial arteries for trade, a canal service provider said.

The Biden administration is prioritizing the Gateway rail tunnel project between New York City and New Jersey with urgency because of its “national significance” to the economy, Transportation Secretary Pete Buttigieg told lawmakers.

Dislodging the container vessel blocking the Suez Canal will take until at least March 31, a longer effort than initially feared that will amplify the disruption to global supply chains for everything from oil to grains to cars.

President Joe Biden said he will unveil his long-term economic rejuvenation plan March 31, promising a new “paradigm” for the middle class and a major ramp-up in investment and infrastructure spending that will strengthen the U.S. position against China.

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A huge backlog of ships was building up around the Suez Canal for a third day as an elite salvage team set about the monumental challenge of freeing the container vessel that’s blocking the crucial waterway.

XPO Logistics will open an automated logistics facility in Clayton, Ind., at one of the state’s major logistics hubs in Hendricks County. The new facility is expected to employ 800 people and become fully operational sometime this summer, according to XPO.

Canadian Pacific Railway Ltd. envisions a “transformative” remaking of its freight-rail business after an announced merger with Kansas City Southern Railway that will create the first U.S.-Mexico-Canada network.