Exchanges in Latin America traded in divergent fashion. The Brazilian markets recovered after trading lower for most of the session on the weakness in CVRD, Acucar and Petrole de Brasileiro and Argentine markets closed lower by 1.2%. Shares in Mexico are traded higher by 0.52%.

OIL AND METAL MARKETS

Oil prices reached intra-day high to $60 a barrel in Europe and in New York on the traders’ nervousness on kidnapped oil workers in Nigeria over the week-end. At close in NY trading oil was up 57 cents to $59.75 per barrel.

The traders are also concerned that U.S. refineries will not meet the rising demand for gasoline in the coming weeks. The Crude oil prices have jumped 40% since the beginning of the year yet the U.S. demand is up 3% for the year.

Norway’s oil workers are likely to strike on Wednesday if their demand for salary rise is not met. In the event of the strike, at least one million barrels of oil will be removed from the international markets.