Brent crude crossed the $90 mark for the first time since November, while West Texas Intermediate prices were also at a 10 month high.
Fewer companies are discussing recessionary risks with investors, data suggests.companies, 62 used the term"recession" on second-quarter earnings calls between June 15 and Aug. 31, per FactSet data.
That marks a decline for the fourth straight quarter. And it's about a quarter of the 238 companies that used the word at its peak in the second quarter of 2022. At 62, the quarter is also below the five-year average of 82. But it's modestly above the 10-year average of 60. Recessionary talk was most prominent among financial names within the index, as 22 companies, or 32% of the sector, used the word. That marks both the highest total number and share of companies of any of the S&P 500's 11 sectors, according to FactSet.Oil prices popped on Tuesday morning after Saudi Arabia extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
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