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Oil surges on Mideast tanker incident, stocks rise

Published : Thursday, 13 June, 2019 at 7:19 PM  Count : 296

Oil surges on Mideast tanker incident, stocks rise

Oil surges on Mideast tanker incident, stocks rise

World stocks mostly rose Thursday and energy prices surged after two oil tankers suffered a suspected attack in the Gulf of Oman, raising tensions over a key trade route for crude.

The price of Brent crude oil, the international standard, jumped nearly 4% to $62.24 a barrel on the news. U.S. crude rose more than 3% to $52.91 per barrel. It had closed almost 4% lower at $51.14 per barrel on Wednesday, weighed by concerns over rising stockpiles and a spiraling trade dispute between the U.S. and China, AP reports.

“The knee-jerk reaction is more a response to the risks associated with higher tensions in the region and prospect of more attacks, than immediate impact on oil supplies,” Craig Erlam of OANDA said in a market commentary.

In Europe, Germany’s DAX rose 0.6% to 12,188 and Britain’s FTSE 100 rose 0.3% to 7,386. The CAC 40 in France was flat at 5,376.

Wall Street was set to open higher as well, with the future contract for the S&P 500 index gaining more than 0.3% to 2,891. The future contract for the Dow Jones Industrial Average was also up 0.3% at 26,089.

The protests in Hong Kong threaten to shake confidence in the hub for many regional and international businesses and investors. Hong Kong’s Hang Seng gave up 0.1% to 27,294.71, extending its losses after closing down 1.7% on Wednesday.





South Korea’s Kospi lost 0.3% to 2,103.15 and the Nikkei 225 index in Japan lost 0.5% to 21,032.00. Australia’s S&P ASX 200 was less than 0.1% lower at 6,542.40, even after the release of better-than-expected jobs data. The Shanghai Composite index added 0.1% to 2,910.74. Shares fell in Taiwan but rose in Singapore and the Philippines.

In currency trading, the dollar slipped to 108.44 Japanese yen from 108.50 yen late Wednesday. The euro rose to $1.1294 from $1.1288.

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