As we watch crude oil futures this morning, it appears we may butt up against a resistance level at $71.90. On Wednesday, the April producer price index rose less than had been expected. Crude and ConfidenceEnergy led the S&P 500 Index higher yesterday as U.S. and global oil benchmarks rallied more than 3% following President Trump’s decision to pull out of the nuclear deal with Iran. It seems that 3% figure—which had worried market participants because it might reflect higher inflation expectations—may now be the new normal. That’s important because of what it potentially says about inflation expectations, the expected health of the economy, and corporate borrowing.

Source: Forbes May 10, 2018 14:05 UTC