Brent Hits Highest Level Since July 2015
Oil jumped - Brent crude futures hitting two year plus highs - and gold jumped sharply in trading on Monday - and Wall Street sold off as Apple shares weakened for yet another session.
Crude-oil prices settled sharply higher Monday, lifting Brent crude - the global marker price - to a more than two-year high and West Texas Intermediate crude into a bull market and its highest finish in about five months
Prices found support, with WTI now up by more than 20% from its lows in June to meet the definition of a bull market.
October West Texas Intermediate crude rose $US1.56, or 3.1%, to settle at $52.22 a barrel in New York. That was the highest settlement price since mid-April and prices are now 22% above the lows seen in June.
In London, November Brent crude futures added $US2.16, or 3.8%, at $US59.02 a barrel.
That was the highest front-month contract finish since early July 2015, according to US data group, FactSet. Comex gold futures regained most of last week’s losses on Monday, ending the session up $US14 to $US1,311.50 an ounce. That was the highest finish a week ago last Friday.
Driving prices higher was the statement from North Korea that the comments from President Donald Trump had amounted to a declaration of war.
Gold rose even though the US dollar rose overnight - the Aussie dollar dipped under 79.40 US cents.
Comex December silver rose 1% to $17.147 an ounce but Comex December copper shed 0.2% to $US2.938 a pound. The Metal Bulletin iron ore price fell again - losing 50 cents a tonne to end at $US63.06 a tonne overnight for 62% fe ore delivered to northern China.
On Wall Street Apple shares lost another 0.9%, sliding towards the $US150 mark which would be the lowest in nearly two months.
That saw the Dow fall for a third straight session, as Apple shared ended at $US150,55. The Dow lost 53 points or 0.24%, the S&P 500 fell 5.5 points or 0.22%, while the Nasdaq shed 56 points or 0.88%.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.