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NEW YORK (Reuters) - A broad measure of equity markets across the world climbed to a record high on Monday, boosted by gains in Asia, while U.S. and European markets were little changed, with U.S. energy shares weighing on the benchmark S&P 500 index as crude prices fell.
Oil prices have been pressured over the past several days after hitting their highest since May last week, as OPEC exports hit a record peak last month and output rose to a 2017 high.
Strong economic data globally and healthy corporate earnings in the United States have supported equities, with the Dow industrials closing Friday at its eighth consecutive record high.
"I have seen a lot of companies exceeding their revenue growth and we also have better-than-expected global growth, which are the main drivers for equities," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
The Dow Jones Industrial Average rose 8.24 points, or 0.04 percent, to 22,101.05, the S&P 500 gained 1.43 points, or 0.06 percent, to 2,478.26 and the Nasdaq Composite added 26.92 points, or 0.42 percent, to 6,378.48.
MSCI's gauge of stocks across the globe gained 0.20 percent. The pan-European FTSEurofirst 300 index lost 0.14 percent.
Emerging market stocks gained 0.65 percent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.5 percent higher, while Japan's Nikkei rose 0.52 percent.
U.S. crude fell 1.63 percent to $48.77 per barrel and Brent was last at $51.64, down 1.49 percent on the day.
"The market is looking for comment from Saudi Arabia signaling OPEC will meet its agreed target," Hans van Cleef, senior energy economist with ABN AMRO, said. "The possibility for (price) movement seems limited unless OPEC comes out with a statement."
In currency markets, the U.S. dollar edged lower but held on to most of its Friday gains, as investors await inflation data this week that may signal a turnaround in the greenback's weakness so far this year.
"We have a view that the U.S. dollar is due for some mild corrective strength in the near-term and we see some confirming price action from some of the key G10 currency pairs," said Erik Nelson, currency strategist at Wells Fargo Securities in New York.
"Some of these dollar-bloc currencies are starting to show signs of maybe rolling over in the near-term."
The dollar index fell 0.07 percent, with the euro up 0.15 percent to $1.1786.
The Japanese yen weakened 0.08 percent versus the greenback at 110.77 per dollar, while sterling was last trading at $1.3019, down 0.12 percent on the day.
In the absence of major U.S. economic data, the Treasuries market was little changed and focused on a heavy schedule of government and corporate bond issues this week, which could push yields higher.
Benchmark 10-year notes last rose 3/32 in price to yield 2.2584 percent, from 2.269 percent late on Friday.
The 30-year bond last rose 4/32 in price to yield 2.8374 percent, from 2.844 percent.
Spot gold added 0.1 percent to $1,259.60 an ounce. U.S. gold futures gained 0.05 percent to $1,265.20 an ounce.
Copper rose 0.59 percent to $6,409.50 a tonne.
(Additional reporting by Tanya Agrawal in Bangalore, Libby George in London and Gertrude Chavez-Dreyfuss and Saqib Iqbal Ahmed in New York; Editing by Bernadette Baum)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)