Wall Street Retreats as Oil Prices Continue to Rise, ASX Set to Slip
Oil’s surge to four-year highs deepened inflation worries and raised bets on more rate hikes, while the S&P/ASX 200 futures pointed to a 0.5% drop.
- ASX 200 Index futures point to a 0.5% decline on Monday, set to open at 8774 points following Friday's weak session on Wall Street.
- Global oil prices surged 3.1% to $US116.72 per barrel, reaching their highest level since April as traders assessed risks of a broadening conflict in the Middle East.
- Wall Street's S&P 500 fell 0.5% on Friday, though energy stocks gained 2.5%, reflecting investor anxiety over inflation and artificial intelligence infrastructure costs.
- Reserve Bank of Australia interest rate hike odds have risen to two-in-three, with officials scheduled to face the Senate Estimates Committee on Wednesday.
- Following the appointment of UK-based biotech executive Deborah Waterhouse as new chief executive, CSL shares fell 2.4% as the board announced chair Brian McNamee will step down.
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153 Articles
Oil plunges over 6% as Iran diplomacy seemingly gathers pace
Brent crude fell more than 6% on Monday morning, retreating from its highest close since March, as regional mediators headed to Tehran and US President Donald Trump weighed a deal with Iran, while investors braced for a week packed with central bank decisions and earnings reports.
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Oil Prices Fall as US-Iran Diplomacy Fuels Hopes of Easing Middle East Tensions
Oil prices declined on October 26 after climbing to near six-month highs the previous week, as diplomatic efforts raised hopes of easing tensions between the United States and Iran. However, continued attacks affecting Saudi Arabia and disruptions to strategic shipping routes kept concerns about global oil supplies elevated.
The price of the Brent barrel of the North Sea, the reference of the world market, dropped 1.89% this morning. ...
On Monday, oil prices fell after last week's increase to a maximum in almost six months, and the market responded to hopes for a reduction in the fighting between the US and Iran.
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