Stocks slide as oil prices surge to 7-year high

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West Texas Intermediate crude oil climbs above $81 a barrel

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we store Slight fall in futures prices on Monday morning Oil Prices hit their highest level in seven years.

The Dow Jones Industrial Average futures slid 110 points, or 0.32%, while the S&P 500 futures and Nasdaq 100 futures were down 0.49% and 0.69%, respectively. The losses came after the S&P 500 gained 1.2% last week, its best weekly performance since late June.

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Among stocks, Diamondback Energy Inc., ExxonMobil Corp and Cabot Oil & Gas Corp were among the early leaders, as West Texas Intermediate crude rose from $2.02 to $81.37 a barrel, a seven-year high.

Elsewhere in space, Chevron Corp. announced that it will target zero net emissions for some upstream gas emissions by 2050. Several other energy companies have already announced plans to reduce greenhouse gas emissions.

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Southwest Airlines Co. blamed staff shortages for air traffic control problems, bad weather in Florida and the cancellation of more than 1,600 flights over the weekend.

Merck & Company said it has applied for emergency use authorization for its COVID-19 tablets. If approved, the drug would be the first oral antiviral drug for the disease.

Honeywell International Inc. raised its business jet delivery forecast by 1% to 7,400 aircraft for 2022 to 2031, valued at $238 billion.

The US Treasury market is closed for Columbus Day.

There was a mixed trend in overseas markets.

European trade was up 0.33% with Britain’s FTSE 100, while France’s CAC 40 and Germany’s DAX 30 lost 0.24% and 0.31%, respectively.

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In Asia, China’s Shanghai Composite Index jumped 0.01%, Japan’s Nikkei 225 rose 1.6% and Hong Kong’s Hang Seng Index rose 1.96%.


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