The first auction of federal leases for oil production in California in eight years probably won’t result in any crude production, but the bidders have little to lose. Read More WSJ.com: Markets...

Vaccines have buoyed hopes that oil demand will soon recover, and the Brent global benchmark is back above $50 a barrel. But traders may be underestimating the responsiveness of U.S. supply. Read More WSJ.com: Markets...