Oil prices push higher with equities

Oil prices moved higher Tuesday as equity markets continued to surge in the wake of strong earnings reports while the dollar weakened.

The price of a barrel of West Texas Intermediate rose $1.13 to $97.57 a barrel after having earlier touched $97.82, the highest level since September 17.

Brent oil futures in London settled 88 cents higher at $114.36 a barrel.

The rise in oil prices and other so-called risk assets comes as the Dow Jones Industrial Average came within striking range of the record set in October 2007 before the economic crisis.

"We're getting so close to the all-time highs, they are targets now," said Bob Yawger of Mizuho Securities.

"The earnings have been better than anticipated and the situation of US Fed policy, cheap money and low interest rates could be in place for quite some time," Yawger said.

Oil and stock markets shrugged off another sharp decline in the US consumer confidence index Tuesday, after much more positive data released Monday showing strong growth in durable manufactured goods orders in December.

"Despite the softer confidence data for the US ... the macroeconomic backdrop remains favorable with equities near multi-year highs and the euro at $1.35 as we head to the first day of the Fed meeting," said Sucden analyst Jack Pollard.

The European single currency spiked as high as $1.3496 following the weak US consumer confidence data.

The struggling greenback makes dollar-priced crude cheaper for buyers using stronger currencies.

The market had its eye out for the conclusion Wednesday of the Federal Reserve's policy meeting, which could hint at how long the Fed intends to continue with its aggressive quantitative easing (QE) bond-buying program.

"The Fed has been the major reason oil is trading where it is because of the massive amounts of QE and bond buying that has supported the economy and made oil prices what they are," said Phil Flynn, analyst with the Price Futures Group.

The Fed's "statement will be key as it is apparent that within the walls of the Fed there is a growing reluctance to promise QE forever."

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Gold steady ahead of Trump's policy speech Reuters - 2 hours 8 minutes ago

    The metal hit its highest since Nov. 11 at $1,263.80 in the previous session. * U.S. gold futures (GCcv1) fell 0.5 percent to $1,252.70. * Investors are looking towards U.S. President Donald Trump's policy speech to a joint session of Congress on … More »

  • Snap expects some IPO investors to make year-long commitments
    Snap expects some IPO investors to make year-long commitments Reuters - 2 hours 11 minutes ago

    While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest U.S. IPO since Facebook Inc (FB.O). A year-long … More »

  • Snap expects some IPO investors to make year-long commitments
    Snap expects some IPO investors to make year-long commitments Reuters - 2 hours 13 minutes ago

    While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest U.S. IPO since Facebook Inc (FB.O). A year-long … More »

  • Snap expects some IPO investors to make year-long commitments
    Snap expects some IPO investors to make year-long commitments Reuters - 2 hours 15 minutes ago

    While Snap cautioned it had no binding commitments yet from investors accepting such a lock-up period, the disclosure is a sign of confidence from the company in what is expected to be the biggest U.S. IPO since Facebook Inc. A year-long lock-up … More »

  • Self-driving Nissan car takes to Europe's streets for first time Reuters - 2 hours 31 minutes ago

    Guided by cameras and radars, and negotiating traffic and roundabouts, a self-driving Nissan car took to the streets of London on Monday for the Japanese company's first European tests of an autonomous vehicle. Travelling at up to 50 miles (80 km) … More »

  • Belmond posts 4Q profit Associated Press - 2 hours 35 minutes ago

    On a per-share basis, the Hamilton, Bermuda-based company said it had profit of 7 cents. Earnings, adjusted for non-recurring gains and to account for discontinued operations, came to 1 cent per share. ... … More »

  • JBT posts 4Q profit Associated Press - 2 hours 37 minutes ago

    On a per-share basis, the Chicago-based company said it had profit of 77 cents. Earnings, adjusted for restructuring costs and to account for discontinued operations, were 85 cents per share. The food ... … More »

  • BRIEF-Mitrajaya entered into a global JV agreement with Gema Padu Reuters - 2 hours 38 minutes ago

    Feb 28 (Reuters) - Mitrajaya Holdings Bhd * On 27 Feb entered into a global joint venture agreement with Gema Padu Sdn Bhd for 181.2 million RGT * Deal to jointly develop various parcels of land in Selangor ... … More »

  • Black Stone Minerals misses Street 4Q forecasts Associated Press - 2 hours 42 minutes ago

    The Houston-based company said it had net income of 1 cent per share. The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings ... … More »

  • BHP Says `Bloody Awful' Trade Pledges Threaten Trump's Pump (1) Bloomberg - 2 hours 51 minutes ago

    (Bloomberg) -- The head of the world’s biggest mining company intensified his warnings that U.S. trade protectionism under President Donald Trump would threaten global growth and the fight against poverty. … More »

  • Maiden Holdings reports 4Q loss Associated Press - 2 hours 54 minutes ago

    On a per-share basis, the Hamilton, Bermuda-based company said it had a loss of 87 cents. Losses, adjusted for one-time items, came to 81 cents per share. The reinsurance holding company posted revenue ... … More »

  • Japan January retail sales rise 1.0 percent year/year - government
    Japan January retail sales rise 1.0 percent year/year - government Reuters - 3 hours ago

    TOKYO (Reuters) - Japanese retail sales rose 1.0 percent in January from a year earlier, versus a median market forecast for a 0.9 percent increase, government data showed on Tuesday. To view full tables, ... … More »

  • UK consumer morale dips as inflation pinches households - GfK Reuters - 3 hours ago

    British consumer morale edged lower in February as rising inflation following last year's Brexit vote made householders warier about the outlook for their finances, surveys showed. Two separate reports conducted by market research firms GfK and … More »

  • South Korea's March business sentiment improves slightly
    South Korea's March business sentiment improves slightly Reuters - 3 hours ago

    An index measuring South Korean business confidence showed that manufacturers turned slightly more optimistic about business conditions for the month ahead as exports continued to grow, a central bank survey showed on Tuesday. The Bank of Korea's … More »

  • Shell Shuns New Oil Sands as Low Crude Prices Force Cost Control Bloomberg - 3 hours ago

    While Shell’s existing oil-sands operations generate strong cash flows, the expense of developing new projects discourages additional investments, Chief Executive Officer Ben Van Beurden said in an interview. Oil sands, the reserves of heavy crude … More »

  • How to put a number to “uncertainty” – and what it means for markets
    How to put a number to “uncertainty” – and what it means for markets Truewealth Publishing - 3 hours ago

    Markets hate uncertainty. But lots of uncertainty – as there is now – doesn’t mean that markets won’t go up. Uncertainty is more subjective than (say) volatility, or stock market valuations, or the price performance of assets. To most people, … More »

  • Exxon's Post-Tillerson Fortunes Closer to Home as New CEO Pivots Bloomberg - 3 hours ago

    After a two-year pricing rout erased 19 percent of Exxon’s untapped crude by making it unprofitable to extract, Woods faces a tough task in sustaining the company’s output. Woods’s first public appearance since becoming chief executive officer is … More »

  • Japan January industrial output falls 0.8 percent month/month - government
    Japan January industrial output falls 0.8 percent month/month - government Reuters - 3 hours ago

    TOKYO (Reuters) - Japan's industrial output unexpectedly fell 0.8 percent in January, posting the first decline in six months, government data showed on Tuesday. The month-on-month fall compared with a ... … More »

  • PHI Inc. reports 4Q loss Associated Press - 3 hours ago

    The Lafayette, Louisiana-based company said it had a loss of $1.08 per share. The helicopter transportation company serving the oil and gas industry posted revenue of $144.9 million in the period. For ... … More »

  • Ensco beats 4Q profit forecasts Associated Press - 3 hours ago

    On a per-share basis, the London-based company said it had profit of 13 cents. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to 9 cents per share. The results ... … More »

  • BWX beats 4Q profit forecasts Associated Press - 3 hours ago

    On a per-share basis, the Lynchburg, Virginia-based company said it had net income of 34 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 46 cents per share. The results ... … More »

  • AppFolio reports 4Q loss Associated Press - 3 hours ago

    On a per-share basis, the Santa Barbara, California-based company said it had a loss of 4 cents. Earnings, adjusted for stock option expense, were less than 1 cent on a per-share basis. The property management ... … More »

  • Elio’s tiny car gets 84 mpg and costs only $7,300 — here’s what it was like
    Elio’s tiny car gets 84 mpg and costs only $7,300 — here’s what it was like Business Insider - 3 hours ago

    Hollis Johnson Elio Motors has one of the … Continued The post Elio’s tiny car gets 84 mpg and costs only $7,300 — here’s what it was like appeared first on Business Insider. … More »

  • Sun Hydraulics posts 4Q profit Associated Press - 3 hours ago

    The Sarasota, Florida-based company said it had net income of 12 cents per share. The maker of screw-in hydraulic cartridge valves and manifolds posted revenue of $49.9 million in the period. For the year, ... … More »

  • Medpace tops Street 4Q forecasts Associated Press - 3 hours ago

    On a per-share basis, the Cincinnati-based company said it had a loss of less than 1 cent. Earnings, adjusted for one-time gains and costs, were 35 cents per share. The results topped Wall Street expectations. ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.005-2.17%
    N21.SI
    2.62-0.12-4.38%
    MC0.SI
    0.285+0.015+5.56%
    PH0.SI
    0.380.00-1.30%
    E5H.SI
    0.174-0.005-2.79%
    40E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.34+0.05+17.24%
    PA3.SI
    0.134+0.013+10.74%
    5IG.SI
    0.20+0.02+8.70%
    BJD.SI
    0.193+0.013+7.22%
    1A4.SI
    43.00+2.79+6.94%
    C07.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.54-0.06-10.00%
    BQP.SI
    0.25-0.03-9.09%
    BLZ.SI
    0.205-0.020-8.89%
    S46.SI
    0.30-0.02-7.69%
    F83.SI
    0.095-0.007-6.86%
    5RC.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4053+0.0012+0.08%
    USDSGD=X
    1.4871+0.0008+0.05%
    EURSGD=X
    1.7458-0.0002-0.01%
    GBPSGD=X
    80.1520-0.071-0.09%
    SGDJPY=X
    5.5218-0.0037-0.07%
    SGDHKD=X
    3.1632+0.0022+0.07%
    SGDMYR=X
    9,498.3770-5.6465-0.06%
    SGDIDR=X
    4.8919+0.0016+0.03%
    SGDCNY=X
    1.0792+0.0017+0.16%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,253.90-4.90-0.39%
    GCJ17.CMX
    18.36-0.05-0.28%
    SIK17.CMX
    84.47-4.15-4.69%
    ^XAU
    2.69-0.01-0.39%
    HGK17.CMX
    54.14+0.09+0.17%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.87+0.07
    ^FVX
    2.37+0.05
    ^TNX
    2.99+0.03
    ^TYX