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Wall Street opens higher as oil regains strength, Sterling hits 3-week high

News Date: 3/2/2016 09:59:42
 
Oil prices erased their losses after Russian foreign minister Sergio Lavrov said that his country is open for talks with OPEC to cut production if there's consensus between the producers in the organization and those outside it. There wasn't any confirmation yet of such talks as of Wednesday, but oil traders cheered the statement nonetheless.

U.S. crude futures rose 60 cents, or 2.09% to $30.38 a barrel after sliding below $30 in the Asian session on oversupply worries and weak demand in America. Brent crude futures climbed 76 cents, or 2.32% to trade at $33.38 a barrel.  

Wall Street opened handily higher as energy shares rallied, with Dow Jones advancing 40 points, or nearly 0.30% to 16,196. NASDAQ Composite was flat however at 4,512, affected by tech companies losses, while Standard and Poor's gained two points, or 0.12% to 1,905.

Sterling surged to a three-week high after prime minister David Cameron announced a deal with the EU to keep Britain into the union in exchange to some concessions. The pound jumped more than one percent against the dollar to 1.4553, while adding 0.40% versus the euro to 0.7548. It was more muted against the safe-haven yen, climbing tentatively to 173.08.

Metal prices rose strongly in tandem with oil, with silver futures jumping 1.16%, or 17 cents to $14.45 an ounce, while gold futures hit a three-month high, adding four dollars, or 0.40% to $1,132 an ounce. Copper also had a good day, with the industrial metal's futures gaining a strong 1.45% to trade at $2.084 a pound.

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