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Stocks Close Near Session Lows While Crude Jumps: Markets Wrap

Updated on
  • WTI climbs above $80 as global energy crisis boosts demand
  • Aluminum extends advance to highest level since 2008 in London
Oil Could Hit $90 a Barrel, Yergin Says

The surge in energy prices fueled stock volatility amid an intensifying debate on whether inflation pressures will be transitory or derail the economy. 

Traders also assessed a news report that China is expanding its crackdown to banks. The S&P 500 closed near session lows. West Texas Intermediate crude climbed above $80 a barrel for the first time since late 2014 as a power crisis from Europe to Asia boosts demand for oil. Aluminum, the energy-intensive metal that’s used in everything from beer cans to iPhones, hit a 13-year high. Treasury futures fell, with the cash market closed for Columbus Day.