Oil Prices Surge as Global Stock Markets Decline

Oil prices in New York have surged by 12%, surpassing the $90 mark, with some major financial institutions predicting prices could exceed $100. According to Ming Pao, this increase, coupled with disappointing U.S. employment data, has led to a widespread decline in European and American stock markets, with the Nasdaq experiencing the largest drop of 1.59%. Over the week, the Dow Jones Industrial Average fell by as much as 3%. Technology stocks faced significant pressure, while some international shipping stocks rose nearly 1%. However, shares of oil tanker companies were under pressure. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, slightly rose by nearly 0.7% against the market trend but fell over 4% for the week. The Hang Seng Index futures showed a discount of 429 points, indicating that the market is expected to remain under pressure when it opens on Monday.