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The Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia.
Photographer: Maya Sidiqqi/BloombergGood morning. A tighter market puts $100 a barrel oil back in sight, AllianceBernstein says buy US Treasuries, and corporations pick sides in the new era of geopolitics. Here’s what’s moving markets.
Oil rose to a 10-month high as global benchmark Brent topped $95 a barrel for the first time since November, extending a powerful rally that may rekindle inflation. Supply cuts from OPEC+ tightened the market, with Saudi Arabia’s energy minister shying away from any change in course. The tighter market has ignited a flurry of predictions that $100 oil could soon return in a roster that runs from industry heavyweights such as Chevron Chief Executive Officer Mike Wirth to traditional bears at Citigroup. The latest upswing has been marked by significant moves in timespreads, one of the market’s mosty-keenly tracked metrics.