Falling oil prices see US stocks climb

A late rally fed by falling oil prices pushed US stocks higher today, although Wall Street’s mood remained tentative amid uncertainty about the economy.

The drop in oil prices – coming as the US government reported a larger-than-expected stockpile of oil and petrol – removed a key obstacle for stocks to move higher. A barrel of light crude settled at US$50.45 (€39.40), down US$1.62 (€1.27), on the New York Mercantile Exchange.