Oil hits one-year peak on US winter storm

A US snowstorm pushed oil prices to pre-pandemic levels Tuesday as global stocks extended rallies on hopes for more US fiscal stimulus.

Silver prices sank by nine percent to $26.78 an ounce after spiking the previous day to an eight-year peak on social media-driven demand.

Stock indices fired up as investors got back in the saddle and snapped up bargain shares after last week’s global rout, which was fueled in part by the social media campaign to buy heavily shorted stocks that traders believe has petered out.

There is “relief that, at least for the time being, that the raid on short sellers has been thwarted,” said Quincy Krosby, chief market strategist at Prudential Financial.