European stocks rose, extending a seven-year high, and U.S. equity-index futures advanced as European Central Bank President Mario Draghi said he will expand stimulus. Bonds gained from Italy to Spain while the euro weakened.
Crude oil fell after Iraq said it’s producing a record amount of crude. Swiss stocks rebounded from a one-year low and the franc weakened, while Chinese shares tumbled the most in six years as regulators cracked down on margin lending.
OPEC nations can withstand a drop in crude prices to the lowest in more than five years, while shale drillers will probably be the first to curb production amid the collapse, the United Arab Emirates’ energy minister said.
Anyone driving to work in the treacherous road conditions in the Northeast of the U.S. on Monday might have been forgiven for assuming that demand for heating oil, and therefore crude oil, would be up in response to the shivering temperatures.