Hour-to-hour swings for oil prices keep jerking financial markets around, and US stocks are drifting following the latest reversal. The S&P 500 rose 0.2 per cent and inched closer to its all-time high set last week. The Dow Jones was up 351 points, or 0.7 per cent, and the Nasdaq composite was 0.2 per cent higher. The Australian sharemarket is set to advance, with futures at 4.59am AEST pointing to a rise of 20 points, or 0.2 per cent, at the open. The ASX surged
by 1.5 per cent on Thursday. The Australian dollar was trading at US71.49¢. All three indexes erased early drops and gained strength following the latest U-turn for oil prices. Brent crude oil briefly got above $US109 per barrel in the morning, threatening to worsen the world’s already high inflation, before quickly erasing all its gains in midday trading and falling 2 per cent to $US102.93. Oil prices have been yo-yoing because of uncertainty about how long the war with Iran will keep the Strait of
Hormuz shut. The closure has prevented oil tankers from exiting the Persian Gulf to deliver crude to customers worldwide, driving up oil’s price.
ASX, futures, Wall Street, oil prices, Brent crude, Strait of Hormuz, Iran war, inflation, S&P 500, Dow Jones, Nasdaq, Australian dollar
So they’re saying oil is calming down but inflation is still gonna be bad right?
The ASX up 1.5% Thursday and futures up again… sounds good but I don’t get it, oil went from 109 to like 103 and somehow everything improves? math is weird.
Wait, I thought closing the Strait of Hormuz means less oil overall, so prices should just go up and stay up. This article makes it sound like it drops “quickly” like that’s normal. If the war with Iran is still going then why are we pretending oil is gonna behave?
I saw the headline and assumed it was about Australia banning something or raising taxes lol. But nope, just stocks drifting because Brent did a little roller coaster. Meanwhile my grocery bill doesn’t yo-yo, it just keeps going up, so…