Oil prices steadied and stocks diverged in thin holiday trading, as investors awaited the next move in the Middle East crisis and digested corporate earnings, reports Reuters.

Several markets were shut in Europe and Asia for the May 1 holiday, including in France, Germany, Hong Kong and mainland China.
Among markets that were open, Tokyo climbed while London fell, weighed by British bank NatWest, which reported higher quarterly net profit but warned economic conditions were deteriorating.

International oil benchmark Brent edged back up to around $111 per barrel following Thursday’s wild swings on worries about a resumption of hostilities in the Middle East.

“If oil stays in the $100-a-barrel range for an extended period, the broader economic costs will eventually be harder to ignore,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.

“But for now, earnings are the bigger fish, and markets are happy to keep swimming with the current,” he added.