Stock futures were mixed as investors saw oil prices rise

Stock futures were little changed as investors saw a sharp advance in oil prices send the S&P 500 higher to start the new trading month.

Dow Jones futures rose 16 points, or less than 0.1%. S&P 500 and Nasdaq-100 futures also posted marginal gains.

The Dow and S&P 500 advanced for a fourth day on Monday, advancing nearly 1% and 0.5%, respectively. The Nasdaq, for its part, fell 0.4%.

Traders continued to monitor movements in the energy market. West Texas Intermediate futures rose 0.6%, based on their biggest daily gain in nearly a year. Crude prices rose earlier in the week after OPEC+ said it cut oil production by 1.17 million barrels a day.

With the world experiencing “clean and green energy”, OPEC+ is aware that “liquid gold” is still very valuable and will eventually lose its growing momentum.

European markets opened moderately higher, allaying concerns about rising oil prices after a surprise production cut by the OPEC+ alliance.

The pan-European Stoxx 600 Index rose 0.42% in early trading, with all major stocks and sectors trading in the green. Mining shares advanced 1.22%, followed by banking shares, which advanced 0.82%. Oil and gas shares advanced 0.42%.

The Reserve Bank of Australia kept its benchmark interest rate at 3.62%

The decision to hold interest rates stable this month gives the board more time to consider the state of the economy and opportunities in an environment of considerable uncertainty.

Treasury yields rose along the curve, and the policy-sensitive two-year rate rose 3 basis points. The policy-sensitive Australian three-year government bond yield fell around eight basis points after the central bank halted its nearly year-long tightening cycle amid signs of declining inflation and a volatile economic outlook.