The markets were buoyed Monday by energy stocks on speculation that the Organization of the Petroleum Exporting Countries are considering a production freeze, which bolstered crude oil prices. West Texas Intermediate crude oil gained 2.3% to $44.5 per barrel.
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Moreover, traders were reducing bets of a Fed rate hike this year ahead of the release of FOMC minutes for the Federal Reserve’s July meeting on Wednesday.
“The market really has not moved to price in any more chance of Fed tightening,” Daniel Katzive, head of foreign-exchange strategy for North America at BNP Paribas SA, told Bloomberg.
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