Oil prices spike; Tech pressure; Warren Buffett's tip for Wells Fargo

1. Oil prices up: Oil prices spiked to their highest level in five months on Monday. US crude futures advanced 0.4% to trade at $63.30 per barrel. Brent crude, the international benchmark, also rose 0.4% to $70.60 per barrel.

Where U.S. stocks are heading Dow Futures   Nasdaq Futures   S&P Futures -60.00   -8.00   -2.50 -0.23%   -0.11%   -0.09%

World Markets Japan   China   U.K. Nikkei 225   Shanghai Composite   FTSE 100 -45.85   -1.76   -7.53 21,761.65   3,244.81   7,439.34 -0.21%   -0.05%   -0.10%

Biggest Winners Perrigo Company PLC +1.72%   Seagate Technology PLC +1.34%   Discovery Inc +1.09%   Procter & Gamble Co +0.99% Biggest Losers General Electric Co -5.39%   Boeing Co -3.55%   Micron Technology Inc -2.22%   Nektar Therapeutics -1.85%

News: What you need to know about the markets     Oil prices spike; Tech pressure; Warren Buffett's tip for Wells Fargo By Ivana Kottasová, CNN Business   1. Oil prices up: Oil prices spiked to their highest level in five months on Monday.   US crude futures advanced 0.4% to trade at $63.30 per barrel. Brent crude, the international benchmark, also rose 0.4% to $70.60 per barrel.   Crude prices have been boosted by continuing production cuts by OPEC and its allies, US sanctions on Iran and Venezuela, as well as easing worries about weaker global trade.   A worsening security situation in Libya has also sparked concerns that supply from the major oil producer could be disrupted.   "The volatile nature of the situation means that the risk of fighting spreading towards the oil fields is increasing by the day," said Jasper Lawler, head of research at the London Capital Group, a broker.   2. Britain pressures tech: The UK government is proposing new rules that would make internet companies legally responsible for unlawful and damaging content.   Tech executives could be hit with substantial fines and criminal penalties under the proposal.   The government said that an independent regulator would be created to enforce the new rules, which focus on removing content that incites violence, encourages suicide or constitutes cyber-bullying. Content related to terrorism and child abuse would face even stricter standards.   The government said it would consult on its plan over the next 12 weeks before introducing it as legislation.   3. Warren Buffett's tip for Wells Fargo: Legendary investor Warren Buffett has urged Wells Fargo to look outside Wall Street for a new chief executive.   Buffett, the largest shareholder in the battered US bank, told the Financial Times that the new CEO "probably shouldn't come from JPMorgan or Goldman Sachs."   Wells Fargo CEO Tim Sloan stepped down suddenly last month. Sloan said his decision to relinquish control of Wells Fargo could help the bank overcome a litany of scandals.   The bank's board has pledged to find an outsider to replace Sloan, who will retire at the end of June.   4. Global market overview: US stock futures were pointing lower.   European markets opened down, following a mixed trading session in Asia.   The Dow Jones industrial average closed up 0.2% on Friday. The S&P 500 gained 0.5%, rising for the seventh trading session in a row. The Nasdaq jumped 0.6%.   Before the Bell newsletter: Key market news. In your inbox. Subscribe now!   5. Companies and economics: Nissan shareholders have voted to remove Carlos Ghosn from his role as a director, the last title the carmaker's former chief held at the company.   The extraordinary shareholders' meeting in Tokyo picked Renault chairman Jean-Dominique Senard to take Ghosn's position on the Nissan board.   The US Census Bureau will release its report on February factory orders at 10 a.m. ET.   German exports slumped more than expected in February, increasing worried about the health of Europe's biggest economy.

Coming this week:     Monday — US February factory orders Tuesday — US February JOLTS job openings report; IMF world economic outlook Wednesday — Delta Air Lines, LVMH and Bed Bath & Beyond earnings; US March consumer prices; Fed minutes; ECB rate decision; UK GDP and EU summit on Brexit Thursday — Rite Aid earnings; Disney investor day; India election polling begins Friday — JPMorgan Chase and Wells Fargo earnings; China export data, Britain's current deadline to leave the European Union

Key Market Stats Latest Today's Change Oil $63.48 +0.40 / +0.63% Gold $1,301.20 +5.60 / +0.43% 10-yr 2.50% -0.01 Euro $1.12 +0.00 / +0.20%

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