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Noah Zivitz Oil prices punched through new multi-year highs today after Saudi Arabia foiled an attack on a crucial export facility. Brent rose above US$71 per barrel and West Texas Intermediate reached its highest level since October 2018 after the Saudis said they blocked Yemen’s attempted drone and missile strike on the Ras Tanura terminal, which our Bloomberg News partners point out has capacity to handle daily exports representing almost 7 per cent of global oil demand. MARKET WATCH We begin again by looking to the 10-year U.S. Treasury yield as the primary driver: it remains near 1.6 per cent this morning; and with that, we see U.S. equity futures slipping, with the Nasdaq facing the most pronounced pressure. Helping to frame our market coverage today: U.S. President Joe Biden’s US$1.9-trillion COVID relief package is back in the House’s hands after narrowly clearing a Senate vote over the weekend. Our in-depth market analysis today begins with Amy Wu Silverman from RBC at 9:30 a.m. And on this International Women’s Day, we’re looking forward to a discussion about how diversity impacts the investing landscape with Bank of America Securities ESG Equity Strategist Marisa Sullivan at 8:30 a.m. COVID WATCH Non-essential […]
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