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U.S. stocks declined as Wall Street continued its move toward less risky investments and as oil prices climbed to their highest level in five months.
A resurgence in oil prices dragged down stocks and bonds, stoking concerns about inflation just days ahead of the Federal Reserve decision on interest rates. Brent crude topped $116 as a flare-up in Middle East violence threatened global supplies.
Brent oil traded at the highest level since May on Friday. Iran-backed Houthi militants claimed recent attacks on the Saudi Red Sea port of Yanbu, as well as deadly strikes on an oil field and airport in the kingdom.
WTI tests $101 and Brent challenges $115 as falling U.S. crude inventories and persistent Middle East supply disruptions support bullish momentum.
US authorizes emergency release of up to 400,000 oil barrels from strategic reserve
India's Bharat Petroleum profit drops amid crude oil price volatility
Climbing oil prices are unwinding the relief rally in airline shares that followed American Airlines Group‘s (NASDAQ:AAL | AAL Price Prediction) record quarter. American Airlines stock is at $12.06, down 4%, wiping out the previous session's rebound.
Declines in yields ease after a selloff in tech stocks drove investors to Treasuries. Oil heads for a third consecutive weekly gain as escalating attacks on Saudi Arabia stoke supply concerns.
SEC filings for UCO aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.