Crude prices surged yesterday, with West Texas Intermediate (WTI) futures jumping 6% to trade above $89 per barrel. International benchmark Brent crude also rose sharply, climbing 5% to exceed $95 per barrel.
This is after plunging 11.5% on Friday. WTI remaining below the $90 mark, which all things considered, may be an indication that oil has peaked.
On the other side, Wall Street is coming off a strong week, with both the S&P 500 and Nasdaq reaching all-time highs.
However, markets opened the new week on a softer note. The Dow barely slipped 4 points, or 0.01%, while the S&P 500 (breaking a 13-day wining streak) and Nasdaq 100 each declined by 0.25%.
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