US stocks were mixed amid little changed oil price says Axel Rudolph, Chief Technical Analyst at online trading and investing platform IG.
US stock indices flat
US small business optimism hit a near one-year high amid significantly improved hiring plans but the data had little impact on US stock indices which traded flat as US existing home sales fell for a second month. Traders kept an eye on energy prices and the risks of a Fed rate hike this year with Treasury yields remaining close to last week’s over one-year highs.
Oil price little changed
The price of crude oil was little changed at around $82.50 a barrel as hopes of progress towards a US-Iran agreement and the potential reopening of the Strait of Hormuz offset earlier gains. Comments from Pakistan’s defence minister and Qatar’s foreign ministry suggested negotiations were advancing, although renewed US pressure on Tehran continues to create uncertainty and keeps oil prices volatile.
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