Oil prices jump $3 on Houthi attacks,
ASX to fall after oil resurgence in huge week for investors
The sharemarket is set to open lower on Monday after a lurch higher in the oil price on Friday, as investors brace for a huge week of market-moving events, from key inflation data in Australia and a US interest rate decision to several big tech earnings.
Futures for the S & P/ASX 200 Index point to a 43-point drop on Monday morning, or 0.5 per cent, to 8774. The prediction followed another weak session on Wall Street on Friday, with the technology-heavy Nasdaq 100 capping its worst two-week drop since April last year as confidence in the artificial intelligence trade continues to falter.
A resurgence in Brent crude to just below $US117 a barrel on Friday – the highest level since the spike at the end of April – did not help investor sentiment. Both the US sharemarket and bonds fell after escalating attacks on Saudi Arabia from Iran-backed Houthi militants raised concerns about both global oil supply and inflation.
