Stocks Opened Higher, Oil Shares in Focus

U.S stocks opened higher on Monday, with oil stocks set to be in focus, as investors assessed the impact of Tropical Storm Harvey on the U.S. economy. The Dow Jones Industrial Average lately fell 23.16 points, or 0.11%, to 21,790.51. The S&P 500 gained 0.79 points, or 0.03%, to 2,443.84. The Nasdaq Composite added 5.06 points, or 0.08%, to 6,270.71.

Oil prices sank and gasoline prices soared as Tropical Storm Harvey continued to wreak havoc on Texas. West Texas Intermediate crude for October delivery fell 46 cents, or 1%, to $47.41 a barrel. Brent crude for October contract was up 22 cents, or 0.4%, at $52.20 a barrel. Gasoline for October delivery jumped 3.6% to $1.5969 a barrel after changing hands near $1.62.

An early look at U.S. trade patterns in July points to a wider trade deficit. The advanced trade gap in goods — services are excluded — widened by 1.78% to $ 65.1 billion in July, the Commerce Department said Monday.