Energy companies were mainly positive as crude oil extended its surge to a six-week high, while U.S. stocks bounced between gains and losses. Bond yields fell, and the dollar's value against its major counterparts remained unchanged. After ending last week in the red, the S&P 500 fluctuated, while the Nasdaq 100 remained in negative territory. On a combination of increased global gasoline use and output issues elsewhere, OPEC expected stronger demand for its crude. Due to supply interruptions, industrial metals increased, with aluminum surpassing $3,000 per ton in London for the first time in 13 years.
Concerns about closed output in the United States due to damage from Hurricane Ida fueled a 1% increase in oil prices on Monday, with Brent crude around $74 a barrel. Analysts also foresee a stable market in the coming months. The bank kept its Brent price projection for the second half of 2021 at $70 per barrel, forecasting range-bound prices, but warned Brent may reach $75 per barrel by year's end due to "increasing upside risks."
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