Oil prices surge higher as equities unfazed

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Guardianng Oct. 4, 2021 3:12 p.m.

Oil prices surge higher as equities unfazed

– Key figures around 1330 GMT –London – FTSE 100: UP 0.2 percent at 7,044.17 points Frankfurt – DAX: FLAT at 15,157.57 Paris – CAC 40: UP 0.2 percent at 6,527.17 EURO STOXX 50: DOWN 0.1 percent at 4,031.47 New York – Dow: UP less than 0.1 percent at 34,337.93 Tokyo – Nikkei 225: DOWN 1.1 percent at 28,444.89 (close) Hong Kong – Hang Seng Index: DOWN 2.2 percent at 24,036.37 (close) Shanghai – Composite: Closed for a holiday Euro/dollar: UP at $1.1628 from $1.1596 at 2100 GMT on Friday Pound/dollar: UP at $1.3605 from $1.3546 Euro/pound: DOWN at 85.48 pence from 85.60 pence Dollar/yen: UP at 111.10 yen from 111.05 yen Brent North Sea crude: UP 1.7 percent at $80.63 per barrel West Texas Intermediate: UP 1.5 percent at $77.01 To enable commenting and other interactive features, please switch to the more advanced.

While some analysts have warned oil prices remaining above $80 per barrel could begin to hurt demand as global economies are already struggling with transportation problems, equities largely held steady following the OPEC+ announcement.

Ultimately, OPEC and key allies — known as OPEC+ — decided to stick with their planned increase next month in oil production of 400,000 barrels despite worries that the high prices could dampen consumer demand.

“Global supply chain challenges continue to hamper global economic activity and boost inflation, while expectations remain elevated regarding global monetary policies heading down the tightening path,” said analysts at Charles Schwab brokerage..

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