Surging oil prices lift U.S. material, energy stocks; Yen wilts

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Reuters

By Koh Gui Qing NEW YORK (Reuters) – Oil prices surged on Monday to multi-year peaks, boosting U.S. materials and energy stocks, but fears that rising prices would exacerbate supply-chain snags caused Wall Street to give up early gains. Higher vaccination rates against the coronavirus have supported a revival in economic activity, helping Brent prices to gain for five weeks and U.S. crude for seven. U.S. crude jumped 2.5% to $81.31 per barrel, a level not seen since late 2014, and Brent rallied 1.9% to $83.98. [O/R] Analysts are divided over whether energy supplies are tight enough to warrant …

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