Surging oil prices lift material, energy stocks on Wall Street
Oil prices surged again on Monday to multi-year peaks, giving a fillip to materials and energy shares and helping U.S. stocks to reverse early declines as investors looked past stagflation risks for now.
US crude jumped 2.28% to $81.16 per barrel, a level not seen since late 2014, and Brent rallied 1.9% to $83.98.
Higher vaccination rates against the coronavirus pandemic have supported a revival in economic activity, helping Brent prices to gain for five weeks and U.S. crude for seven.
“Oil prices are likely to continue climbing in the short term,” said Commerzbank analyst Carsten Fritsch. [O/R]
