[MARKET UPDATE] Crude pullsback from highs, but remains firmer by over USD 3/bbl on the day, allowing US equity futures to pare initial downside with the ES now U/C and European equity bourses off lows
Newsquawk Staff ·
Crude pullsback from highs, but remains firmer by over USD 3/bbl on the day, allowing US equity futures to pare initial downside with the ES now U/C and European equity bourses off lows.
What it means
The pullback in crude oil prices from the highs, despite remaining elevated by over USD 3/bbl, suggests that the market is experiencing some profit-taking, yet still exhibits strength. This has likely provided support to US equity futures, which have managed to recover from initial declines, indicating a positive spillover effect on equities as the session progresses.
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