Crude futures last climbed +3.1% to $45.12 a barrel despite geopolitical uncertainty and imbalance of how resources are distributed. Crude oil supplies in Libya were disrupted as fighting between rival groups in the country intensifies.
Futures at 6:20 a.m. traded in positive territory: Dow gaining 0.2%. S&P climbing 0.3%, Nasdaq hiking up 0.3%, while gold surged 0.2% to $1277.80 mimicking last week’s favorable returns. The ten-year Treasury yield was flat at 1.78%.
Meanwhile and later on Thursday 88,000 residents fled Fort McMurray, a city in the heart of Canada’s oil sands because of expected blaze winds.