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Global Markets: Brent hits $70/bbl before retreating; equities rise with energy

Reuters  |  NEW YORK 

By Caroline ValetkevitchNEW YORK (Reuters) - Brent crude prices hit $70 a barrel on signs of tightening crude stocks but settled off that level on Thursday, while a jump in energy shares helped lift U.S. stocks.The S&P energy index jumped 2 percent, leading gains among S&P sectors. Optimism about upcoming U.S. earnings also helped U.S. stocks, which resumed their 2018 rally to hit record closing highs."The unifying factor of today's move and this whole week is a heightened confidence in the pace of economic activity. That helps explain the demand picture which has oil up at $70," said Scott ...

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First Published: Fri, January 12 2018. 03:27 IST