Global stocks rise with oil, cyber attack; weak data knocks dollar

Mon May 15, 2017 5:12pm EDT
 
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By Rodrigo Campos

NEW YORK (Reuters) - Commodity-linked stocks and currencies got a lift on Monday from rising crude oil prices after major producers Saudi Arabia and Russia said they would extend oil supply cuts into 2018.

Cyber-security shares also rose, after a hack that locked down hundreds of thousands of computers across 150 countries over the weekend.

Energy ministers from the world's top two oil producers said production cuts, which were set to expire next month, should continue until March, longer than an optional six-month extension specified in the deal.

"It's more jawboning from OPEC, and I think in the end it's going to prove to be noise... so the rally is probably a little much," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

"But the market is reacting to the headlines."

The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider the extension.

U.S. crude rose 1.96 percent to $48.78 per barrel and Brent was last at $51.76, up 1.81 percent on the day.

The news from the energy sector more than offset concern over the weekend after a successful missile test by North Korea and a cyber attack with unprecedented global reach.   Continued...

 
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 15, 2017. REUTERS/Brendan McDermid