The federal government needs to invest more in West Coast ports, said the head of the Port of Los Angeles, which is the nation’s biggest gateway to Asia and is grappling with record backlogs.

Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.

Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.