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Before the Bell: Global stocks dip, oil rises on geopolitical risk assessment

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A look at Thursday morning’s market action

Traders were focused on risk stemming from escalating tensions in the Middle East, sending oil higher and global stocks mostly down.Global stocks dipped on Thursday and oil prices rose as markets weighed the risk of a widening Middle East conflict.On Wall Street, markets are watching earnings from, following a year of clashes between Israel and Iran-backed Hezbollah and recent escalations in the region.

Oil prices gained on Thursday as concerns grew that the Middle East conflict could disrupt crude oil flows from the key exporting region, overshadowing a stronger global supply outlook. Safe haven flows in the wider market have so far been muted. Spot gold dipped 0.5 per cent on the day to US$2,644.99, but remained near a record high.The day range on the loonie was 73.89 US cents to 74.11 US cents in the early premarket period. The Canadian dollar was down about 0.21 per cent against the greenback over the past month.

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