Wall Street turns lower on rising oil prices

FXstreet.com (Barcelona) - US stocks pared early gains on Monday, as rising oil prices added an initial boost to energy stocks but weigh on overall risk appetite. So far the DOW trades around even while the NASDAQ and S&P drop by 0.58% and 0.12% respectively.

On a day of light trading due to little macroeconomic information being released, focus remains on escalating violence in Libya and concerns for spreading unrest in other parts of North Africa and the Middle East. Crude oil prices rose to a fresh 30-month high at nearly $107.00 earlier on fears of supply disruption, which has also triggered inflation jitters around the globe threatening to curb what´s been by-and-large a robust recovery in some of the world´s principle economies.

In the currencies market, the US dollar has been able to pullback from earlier losses against it´s European counterparts. The GBP/USD in particular reached as high as 1.6340, yet was rejected at that peak and has since dropped below the day´s opening price to trade currently at 1.6220. The EUR/USD likewise hit a max at 1.4035, but has since returned to test support at the 1.4000 psychological barrier.