Home Business Oil futures reach 13-month high as global stocks advance with U.S. markets shut

Oil futures reach 13-month high as global stocks advance with U.S. markets shut

Oil futures reach 13-month high as global stocks advance with U.S. markets shut

The rally in commodities that some say is the start of a supercycle continued on Monday, buoying resource stocks.

The West Texas Intermediate contract
the leading benchmark for oil in the U.S., topped $60 a barrel for the first time since Jan. 2020. Other commodities including platinum
also advanced.

“The robust recovery in oil prices and industrial metals over the past couple of months is driving the idea of a new commodities supercycle in which prices remain above-trend for many years to come,” said Hussein Sayed, chief market strategist at FXTM.

Also read: The fifth commodity supercycle has started, says leading JPMorgan analyst

Up 12 of the last 15 weeks, the Stoxx Europe 600
rose 0.6% in morning trade, with gainers including miners Rio Tinto
and BHP Group,
and oil producer Total

The Nikkei 225
rose 1.9% in Tokyo to a fresh 30-year high, and the Kospi Composite
rose 1.5% in Seoul. The U.S. market is shut for the Presidents Day holiday, and markets in Hong Kong and China are closed for Lunar New Year. U.S. stock futures

which are trading electronically, advanced.

The rollout of vaccines and progress on the Biden administration’s proposed $1.9 trillion stimulus is helping to fuel moves in global asset markets this year, the so-called reflation trade. Last week, the yield on the 10-year Treasury
topped 1.20% for the first time in a year.

shares traded 18% higher in Paris after it said it would distribute 60% of subsidiary Universal Music Group’s share capital to shareholders and list the music label in Amsterdam by the end of the year. Investment group Bollore
holds more than a quarter of Vivendi, gained 13%.

rose as much as 6% after agreeing to buy U.S.-based specialty-chemicals company Emerald Kalama Chemical for $1.04 billion from private-equity firm American Securities.

Other notable moves on Monday included the U.S. dollar falling back below 7 Turkish lira
for the first time since August. Turkey’s central bank more than doubled interest rates, to 17% from 8.25%, since September.

This article is auto-generated by Algorithm Source: www.marketwatch.com

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