Oil climbs to $107 a barrel for first time since May as bond yields jump
Oil rose to $107 a barrel on Thursday, its first time above that level since May, as bond yields jumped. U.S. wholesale inflation increased 0.4% from June to July and was up 5.4% from a year earlier, reinforcing expectations the Federal Reserve will keep raising rates, with markets pricing about a 75% chance of a hike next week. U.S. stocks fell, with the S&P 500 down 0.6%, the Nasdaq composite down 0.7% and the Dow Jones Industrial Average off 350 points. Yields also moved higher after comments from Trump about giving a $5,000 “dividend” to all U.S. adults.