Oil prices hit their highest since late 2014 on Monday, driven by a
deepening economic crisis in Venezuela and worries that the Unites
States could re-impose sanctions on Iran, while stocks firmed and the
dollar surged to another 2018 high.
With trading thinned by a holiday closure in London, European shares
opened higher, boosted by energy stocks as well as encouraging earnings
updates.
Nestle shares also gained after the Swiss-based food firm agreed to pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain’s products around the world.
Most Asian markets also rose after Friday’s tame reading on U.S. wage growth lessened the chances of a pick-up in the pace of interest rate hikes by the Federal Reserve. Gains were capped by Sino-U.S. trade tensions.
U.S. crude oil prices rose more than 70 cents, or 1.1 percent, pushing above $70 a barrel for the first time since November 2014 as the crisis in OPEC member state Venezuela threatened to further crimp its production and exports.
Brent crude oil futures gained to $75.64 per barrel at 1210 GMT, up 1.14 percent and having also touched their highest since November 2014.
Nestle shares also gained after the Swiss-based food firm agreed to pay Starbucks $7.15 billion in cash for the rights to sell the U.S. coffee chain’s products around the world.
Most Asian markets also rose after Friday’s tame reading on U.S. wage growth lessened the chances of a pick-up in the pace of interest rate hikes by the Federal Reserve. Gains were capped by Sino-U.S. trade tensions.
U.S. crude oil prices rose more than 70 cents, or 1.1 percent, pushing above $70 a barrel for the first time since November 2014 as the crisis in OPEC member state Venezuela threatened to further crimp its production and exports.
Brent crude oil futures gained to $75.64 per barrel at 1210 GMT, up 1.14 percent and having also touched their highest since November 2014.
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