After OPEC+ Talks Fall Through, US Crude Hits 6-Year High And Producer Shares Rise

After OPEC+ Talks Fall Through, US Crude Hits 6-Year High And Producer Shares Rise

Now that the fireworks have fired and the flags are furled, it's time to get back to the business of business and markets. As this post-Independence Day week dawns, it's looking like crude oil and energy stocks may be a prominent feature of today's trading. The U. S. benchmark hit a six-year high above $76 per barrel after OPEC and its oil-producing allies couldn't agree on production increases at a time when the global economy is getting back on its feet. If the rise in oil prices is sustained, that could raise gasoline prices during the summer driving season here at home, putting further upward pressure on inflation and pressuring business margins and household budgets. That wouldn't be good for Consumer Discretionary stocks like retailers, and of course rising oil prices won't be welcomed by heavy fuel-using companies like airlines, manufacturers, and parcel delivery services. But the higher oil prices are good for oil producers, and energy stocks including ConocoPhillips (COP), Occidental Petroleum (OXY), and APA Corp. (APA) were seeing decent gains even as futures were indicating the major indices might open close to unchanged. In other commodity news, gold prices rose back above $1, 800 as a weakening dollar