Oil prices are up, stocks gain and Wells Fargo is glum

Psychological mark: Emissions rise from an oil refinery at sunset in Texas City. The US50-a-barrel mark for crude is psychologically important. A price above that suggests Opec can control output and preventthe glut of global supply from getting worse. A price below suggests the opposite. – Bloomberg

THAT noise you hear emanating from Wall Street is likely a sigh of relief from oil traders. Crude traded above US$50 a barrel on Thursday for the first time since March 10.

Although this was credited to a Kuwaiti official’s comments that Opec (Organisation of the Petroleum Exporting Countries) and its partners will extend output curbs, the move has implications for global markets.