Dow Jones Industrial Average touches highest since Feb. 1 Saudi oil chief points to 2019 demise of historic output caps Crude closed at a three-week high as booming stock markets stoked optimism about economic growth that drives energy demand. Crude futures rose 0.6 percent in New York on Monday. Blue-chip stocks reached a level not seen since the start of this month and the dollar retreated from earlier gains, boosting oil’s appeal as a store of value. Prices flirted with the $64-a-barrel mark against the backdrop of Saudi Arabian Energy Minister Khalid Al-Falih’s weekend remarks about phasing out production caps that have been in effect since late 2016. “Equities ripping a bit is the most important element there is — the relative correlation to equities today, the correlation to risk assets,” Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York, said by telephone. Oil in […]

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