US and UK oil benchmarks reach highest level since end of 2022

CommSec’s Tom Piotrowski says oil prices are still quite high which has resulted in US and UK oil benchmarks reaching their highest level since the end of 2022. “It stems from the fact that OPEC and allied producers are extending production cuts into the end of the year,” Mr Piotrowski told Sky News Australia. “That is, in some respects, putting a bit of a floor under expectations for headline inflation. “That is why you’ve seen the interest rate picture just nudge higher and that’s created headwinds for stocks.” Presented by CommSec.