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Oil drop lifts stocks and eases bond sell-off
The decline in oil prices led to stability in government bond prices and alleviated pressures on global markets, which helped American, European, and Asian stocks achieve weekly gains. U.S. Treasury yields fell to 5.16% after a previous increase, while the price of Brent crude oil dropped by 1% to $105.54, amid news of talks between the United States and Iran to reopen the Hormuz Strait, easing concerns over energy supplies. Markets also experienced fluctuations in currency and precious metal prices, with the dollar weakening and optimism about stabilizing energy prices, amid expectations of three interest rate hikes by the U.S. Federal Reserve next year.
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