Trish: Oil Surges To Six-Year High As OPEC+ Talks Signal Looming Price War

U.S. stock futures were mixed as traders got back to work after the long holiday weekend. Oil prices are spiking amid a breakdown in OPEC+ talks, and it seems oil is will continues its upward trajectory with the UAE blocking a deal.

Investors fear higher oil prices could endanger global economic recovery and add to inflationary pressures.

Speaking of inflation, all eyes will be on the Fed’s minutes (to be released later this week) as investors seek clues about when, how, and IF the Fed will every decide to taper its $120 billion per month in bond purchases.


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U.S. futures were mixed in premarket trading as investors assessed the effects of a spike in oil prices.

  • S&P 500 futures: 4,341.25, -0.03%
  • Nasdaq futures: 14,720.25, +0.04%
  • DOW futures: 34,669.00, -0.02%

U.S. Dollar and Treasuries

10-year Treasury yields fell slightly. The dollar strengthened compared to a basket of other fiat currencies.

  • U.S. Dollar Index (DXY): 92.34, +0.14%
  • 10-year Treasury yield: 1.431%
  • 2-year Treasury yield: 0.240%

Stocks To Watch

Advaxis, a clinical-stage biotechnology company, and Biosight announced entry into a definitive merger agreement. The combined company will have about $50 million in cash and cash equivalents. Stocks of Advaxis soared over 50% in premarket trading.

Chinese ride-hailing firm Didi dropped 17% in premarket trading after Chinese regulators ordered the company’s app to be removed from app stores. The ruling came just a day after the firm’s public listing on the U.S. stock market.

Stocks of internet of things company BSQUARE surged on no apparent news today. Retail investors cite a small float as a factor that makes the company an attractive speculative play.

  • ADXS Advaxis Inc $0.7146, +51.40%, 6.12M (volume)
  • DIDI Didi Global $12.91, -16.87%, 10.89M (volume)
  • BSQR BSQUARE $5.620, +41.21%, 3.61M (volume)

Commodities To Watch

Oil surged to a six-year high after Saudi Arabia raised oil prices after the breakdown of OPEC+ talks. Talks were derailed by the United Arab Emirates, which demanded a higher baseline production quota. Gold is back above $1,800 after several central banks announced they will add to their gold reserves.

  • WTI crude: $76.44, +1.70%
  • Brent crude: $77.39, +1.60%
  • Gold: $1,807.80, +1.37%


The global crypto market cap decreased by -1.24% in the last 24 hours. People’s Bank of China reiterated its anti-crypto stance and warned institutions not to work with crypto-related companies.

  • BTC: $33,869.73, -1.54%
  • ETH: $2,271.06, -1.34%
  • DOGE: $$0.2339, -4.08%
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