Stock indexes were higher in early Trading Monday as oil futures climb and the dollar declines.
West Texas Intermediate crude, the US benchmark, was up 0.4% and Brent futures, the global standard, added 0.9%. Prices are rising on speculation that the Organization of the Petroleum Exporting Countries will cut production as promised. Still, some analysts are skeptical that all countries will follow the agreed-upon output guidelines.
Members of the organization has reportedly asked crude-producing countries to join them in curbing output in a bid to boost rices. Russia said it would slash output by 300,000 barrels a day after OPEC said it would cut 1.2 million barrels. The value of the US dollar decline 0.3%.
European markets were thrown into disarray in the wake of results from the Italian referendum after which Italy’s prime minister, Matteo Renzi, offered his resignation. Still, the markets recovered quickly after the referendum as shocking investors is becoming more difficult after the UK’s Brexit vote and the US presidential election. In Italy, it’s likely that Renzi’s Democratic Party will retain power in early elections.