- U.S. stocks firm as surging oil leads materials, energy shares higher, stokes inflation risk
- Dollar reaches highest on yen since late 2018
NEW YORK, Oct 11 (Reuters) – Oil prices surged on Monday to multi-year peaks, boosting U.S. materials and energy stocks, but fears that rising prices would exacerbate supply-chain snags caused Wall Street to give up early gains.
Higher vaccination rates against the coronavirus have supported a revival in economic activity, helping Brent prices to gain for five weeks and U.S. crude for seven.
U.S. crude jumped 2.5% to $81.31 per barrel, a level not seen since late 2014, and Brent rallied 1.9% to $83.98.
Analysts are divided over whether energy supplies are tight enough to warrant oil testing $100 a barrel, but most seemed to agree prices are likely to stay elevated in the short-term.
Basic materials and energy stocks in the S&P 500 jumped 0.96% and 0.88% respectively, Refinitiv data showed,…