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Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.
Traders also weighed prospects for talks aimed at ending Russia’s war against Ukraine and reports that Iraq will resume oil exports from its Kurdish region.
(Bloomberg) OPEC+ is expected to revive some curtailed crude production in April following US President Donald Trump’s appeals to the group to lower prices, said Jason Prior, Bank of America Corp.’s head of oil trading.
“We expect some production to be brought back to market,” Prior said in an interview Monday. The group, led by Saudi Arabia and Russia, may restore around 150,000 barrels a day of production starting in April, he said.
Trump has been pushing OPEC+ — which halted some output in 2022 — to lower oil prices in a bid to pressure Russia to end the war in Ukraine. Prices of West Texas Intermediate, which peaked in mid-January to $80 a barrel, have since retreated and are now close to $70.
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U.S. stocks ended mostly lower Monday, with the S&P 500 failing to land in positive territory after wavering between gains and losses during the trading session.
The S&P 500 fell 29.88 points, or 0.5%, to close at 5,983.25.
The technology-heavy Nasdaq Composite dropped 237.08 points, or 1.2%, to finish at 19,286.92.
The Dow Jones Industrial Average rose 33.19 points, or 0.1%, to end at 43,461.21.
The S&P 500 was dragged down by a sharp loss in its biggest sector, information technology, which slumped 1.4% as shares of Big Tech companies including Nvidia Corp. and Microsoft Corp. dropped.
Investors' worries over tariffs also appeared to weigh on the market, after President Donald Trump indicated on Monday that tariffs on Canada and Mexico will take effect next week after their 30-day pause concludes.
The U.S. stock market struggled to recover from Friday's selloff, which had left all three major benchmarks down for the week.
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