The Daily Chase: Oil volatile after Saudis foil attack; Stocks fall as yields rise VIDEO SIGN OUT
Oil prices punched through new multi-year highs today after Saudi Arabia foiled an attack on a crucial export facility. Brent rose above US$71 per barrel and West Texas Intermediate reached its highest level since October 2018 after the Saudis said they blocked Yemenâs attempted drone and missile strike on the Ras Tanura terminal, which our Bloomberg News partners point out has capacity to handle daily exports representing almost 7 per cent of global oil demand.
MARKET WATCH
We begin again by looking to the 10-year U.S. Treasury yield as the primary driver: it remains near 1.6 per cent this morning; and with that, we see U.S. equity futures slipping, with the Nasdaq facing the most pronounced pressure. Helping to frame our market coverage today: U.S. President Joe Bidenâs US$1.9-trillion COVID relief package is back in the Houseâs hands after narrowly clearing
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