Oil Jumps to Three-Week High as Advancing Stocks Fan Optimism
- Dow Jones Industrial Average touches highest since Feb. 1
- Saudi oil chief points to 2019 demise of historic output caps
Photographer: Abdullah Doma/AFP/Getty Images
This article is for subscribers only.
Crude closed at a three-week high as booming stock markets stoked optimism about economic growth that drives energy demand.
Crude futures rose 0.6 percent in New York on Monday. Blue-chip stocks reached a level not seen since the start of this month and the dollar retreated from earlier gains, boosting oil’s appeal as a store of value. Prices flirted with the $64-a-barrel mark against the backdrop of Saudi Arabian Energy Minister Khalid Al-Falih’s weekend remarks about phasing out production caps that have been in effect since late 2016.