Black gold seems to be moving in tandem with the markets, as it spiked to its highest level this year. Benchmark crude for October delivery went north of $74/barrel as traders saw optimism on a strong rise in China’s bellwether stock index. The United States Oil Fund (USO) was up 1.7% in morning trading.
Barclays announced that it will suspend any further issuances of the iPath Dow Jones-AIG Natural Gas SubIndex Total Return ETN (GAZ). The move, like others in recent days, seems to stem from concerns that the Commodity Futures Trading Commission (CFTC) is getting ready to impose position limits.
Overall, the Dow Jones Industrial Average is up 1.5%, the S&P 500 added 1.7% and the Nasdaq gained 1.4% this morning.
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Kevin Grewal contributed to this article.