Higher Open Likely For US Markets: Oil, Gold Price Up

London (Feb 25)  Oil price up. Oil prices jumped on Monday after Washington and China moved closer to a trade deal, reducing concerns over global economic growth that would have hurt oil demand.

International Brent crude oil futures moved to $67.26 for a barrel at 0005 GMT, up 0.2 percent, from the last close.

Per barrel price at U.S. West Texas Intermediate (WTI) crude was at $57.38, up 0.2 percent, from last settlement. WTI futures climbed 0.5 percent on Friday, after marking the high point since Nov. 16 at $57.81 a barrel.

“Crude prices continue to be supported on optimism over a trade deal in the coming days,” said Edward Moya, senior market analyst at Oanda.

Monday was good for Asian stock markets after the U.S delayed the China tariff deadline of March 1. The Shanghai Composite surged 5.6 percent and Shenzhen composite was up 5.417 percent.

Shanghai composite expressed a bull market as the surge was high in contrast to the deep lows of early January.

Hong Kong’s Hang Seng index jumped 0.52 percent in the final hour of trading.

Japan’s Nikkei 225 was up 0.48 percent to close at 21,528.23 and the Topix rose 0.71 percent. Australia's ASX 200 also up 0.31 percent.

Gold zooms

Gold prices zoomed on Monday as the dollar fell against the yuan following Trump’s decision to go slow on China deadline. A stronger yuan rendered gold cheaper.

IBtimes