Commodities
Oil Price Dip Brings Steady US Markets
A reprieve from rising oil prices is providing some relief to the US stock and bond markets. On Friday, Brent crude oil fell 1.6% to $98.63, after yo-yoing due to uncertainty about when the war with Iran will allow oil to flow freely again from the Middle East.
The dip in oil prices helped ease pressure on Wall Street, causing US stocks to tick higher. The S&P 500 added 0.3%, coming off a three-day losing streak marked by big swings caused by rising yields in the bond market.
Earlier this week, jumps for oil prices sent the yield on the 10-year Treasury toward 5.20% and its highest level since 2007. Friday's dip for crude prices helped the 10-year yield hold at 5.18%, where it was late Thursday.