Wall Street Retreats as Oil Prices Continue to Rise, ASX Set to Slip
Oil’s jump to a four-year high stoked inflation worries and lifted the odds of more rate hikes, pressuring banks and other stocks.
- 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.
83 Articles
83 Articles
Crude prices fall from six-month highs; WTI stands at $101 per barrel, Brent costs $115
Oil prices experienced a decline of over 1% after hitting six-month peaks, primarily due to geopolitical unrest in Saudi Arabia. Currently, Brent crude fluctuates around $115 per barrel, and WTI at $101.5 per barrel. The threat to energy exports and infrastructure from Houthi attacks raises alarm, while the Federal Reserve meeting looms, potentially addressing inflation amid climbing energy prices.
Global oil prices fell on Monday after surging to near their highest levels in nearly six months late last week, despite continued attacks on Saudi Arabia by the Houthi group, raising concerns about global energy supply.
World oil prices dropped by more than 1% on Monday, according to trade data. The price of the Brent's January futures fell by 1.1 per cent relative to the previous closure – to $110.6 per barrel, the price of the quotations was reduced to a minimum of $110.08. The December WTI oil futures were higher – $1.31 per cent, to $101.96 per barrel – by RIA News. According to the WZGLAD newspaper, on Friday the cost of Brent's reference oil futures excee…
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