U.S. stock futures were flat to start the holiday-shortened trading week as U.S. oil prices hit six-year highs Tuesday. U.S. equity trading was closed Monday in observance of the Fourth of July. The Dow Jones Industrial Average, which logged a fourth straight positive session Friday, finished at its first record close since early May. The S&P 500, on a seven-day winning streak, saw a fresh record high close. The Nasdaq also ended Friday with a record close. All three stock benchmarks were higher last week, with help from Friday’s better-than-expected June jobs report. Bond yields ticked lower Tuesday. Gold prices jumped to a nearly two-week high, back above $1,800 per ounce.
U.S. benchmark West Texas Intermediate crude Tuesday topped $76.98 per barrel, its highest price since November 2014. International benchmark Brent crude was trading around late 2018 highs above $77. The moves came after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on output policy for August and beyond. Prices later Tuesday morning turned negative. Back April 2020, OPEC+ took historic measures and removed nearly 10 million barrels per day of production in an effort to support prices as demand for petroleum-products plummeted during the early days of the Covid lockdowns.