In Europe, another victory for Angela Merkel's conservatives in a regional election in Germany pushed Frankfurt's DAX to a record high in early trade. "The main story of the day is the commodity market as the oil price rises, dragging up other commodity prices," said Kathleen Brooks, research director at City Index in London. "Saudi Arabia and Russia, the world's two top oil producers, said on Monday an output cut needed to be extended for a further nine months until March 2018 to rein in a global crude glut, driving oil prices almost 3 percent higher. With a thin U.S. data calendar, there's not much to propel yields or the dollar back up." Report by Patrick Graham; Additional reporting by Jamie McGeever, Dhara Ranasinghe, Danilo Masoni, Helen Reid and Alex Lawler; Editing by Andrew Heavens; Reuters

Source: Egypt Independent May 15, 2017 12:33 UTC