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    Brent at 11 months high, yields end flat

    NEW YORK (Reuters) – Oil prices hit nearly a year highs on Tuesday amid low supply bets and Treasury yields rose from Highs of 10 months after strong demand in an auction.

    Shares, meanwhile, rose, led by Asia, with eyes on US earnings and the inauguration of US President-elect Joe Biden next week.

    The 10-year US yield hit its highest since March, but fell almost to the level of the pot the day after a Treasury auction was offered well. The yield has risen sharply this year in anticipation of a massive stimulus package from the upcoming democratic administration.

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    Brent crude oil prices hit their highs since February as tighter supply and expectations of a decline in US inventories offset concerns over rising COVID-19 cases globally. Saudi Arabia said it plans to cut production by an additional 1 million barrels per day in February and March.

    “Saudi Arabia, in particular, is ensuring, through its further voluntary production cuts, that the market is insufficient,” said Commerzbank’s Eugen Weinberg.

    Brent crude stood at $ 56.56, up 1.62% on the day, while US crude oil recently climbed 1.76% to $ 53.17 a barrel.

    On Wall Street, stocks fluctuated almost unchanged for the session not far off from record. The Dow was up 60 points, or 0.19%, to 31,068.69, the S&P 500 gained 1.58 points, or 0.04%, to 3,801.19, and the Nasdaq Composite added 36.00. points, or 0.28%, to 13,072.43.

    The pan-European STOXX 600 index rose 0.05% and the MSCI index of stocks around the world gained 0.18%.

    Emerging markets equities were up 0.29%, while Nikkei futures were up 0.52%. Mainland China stocks gained 2.2% overnight to close at the highest in over five years.

    Democrats said Tuesday they will give Republican President Donald Trump one last chance to leave office days before his term expires or face an unprecedented second impeachment for his supporters’ deadly assault on the US Capitol on Jan.6 United.

    An impeachment process could proceed even after Trump leaves office on January 20. Some Democrats have expressed concern that a trial could thwart Biden’s agenda, slowing the confirmation of his appointees and distracting. from legislative priorities such as a new coronavirus aid package.

    “Even if (additional stimulus) is delayed, it will be a matter of days, maybe weeks, not months. The question is the shape and form of it, ”said Keith Buchanan, GlobAlt’s portfolio manager in Atlanta.

    The US government’s ten-year debt benchmark rose 1/32 of the price to 1.1325%, from 1.134% late on Monday. The yield reached 1.187% at the start of the session.

    The US dollar fell a day after hitting its high since December, and lower Treasury yields pushed the greenback further down.

    The dollar index was down 0.463%, with the euro up 0.45% to $ 1.2204.

    The Japanese yen strengthened 0.49% against the greenback to 103.75 per dollar, while the British pound was last traded at $ 1.3665, up 1.12% over the course of the year. day as he comments from the Bank of England Governor on the feasibility of negative interest rates has curbed sub-zero rate bets in Britain.

    Spot gold added 0.6% to $ 1,855.46 per ounce. Silver gained 2.49% to $ 25.54.

    Bitcoin fell 4.01% to $ 34,035.14.

    Reporting by Rodrigo Campos; additional reports by Devik Jain and Medha Singh in Bengaluru, Saqib Iqbal Ahmed, Laura Sanicola, Karen Brettell and Herbert Lash in New York and Alex Lawler in London; Editing by Dan Grebler and Jonathan Oatis

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