Five Things You Need to Know to Start Your Day

Good morning. West Texas Intermediate crude oil collapsed amid computer-driven sales. Biden said better US-China relations benefit all. Alibaba ditched plans for a spinoff. Here’s what you need to know today.

Oil plummeted to the lowest since July as trend-following trades accelerated losses that were kicked off by swelling inventories and the failure of key technical support levels. Algorithms were partly behind the move along with several selling programs, causing a vicious cycle.