Prison » U.S. oil cracks $70, dollar heads towards 2018 high

May 7, 2018

Oil prices jumped to their highest since late 2014 on Monday on a deepening economic crisis in Venezuela and worries that the Unites States could re-impose sanctions on Iran, while stocks firmed and the dollar rose towards its 2018 peak.

With trade thinned by a holiday closure in London, European shares opened higher, boosted by energy stocks as well as encouraging earnings updates.

Heavyweight Nestle also gained after the Swiss-based food firm agreed a tie-up with Starbucks.

Most Asian markets also rose after Friday’s tame reading on U.S. wage growth lessened chances of a pick-up in the pace of interest rate hikes by the Federal Reserve. Gains were capped by Sino-U.S. trade tensions.

U.S. equity futures pointed to a positive open for Wall Street.

The day’s eye-catching moves came in energy markets.

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This article was posted: Monday, May 7, 2018 at 6:15 am

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