Crude oil is spiking

Crude oil is spiking.

On Monday morning, West Texas Intermediate crude oil futures surged into the green, after being down by about 2%, to as high as $US42.75 per barrel. Brent crude also rallied nearly 2%, to about $US45.73 per barrel.

The official news agency of Saudi Arabia released a statement saying the government was prepared to cooperate with other oil producers to ensure a stable market.

“The cabinet stressed the Kingdom’s role in the stability of the oil market, its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries,” the statement said.

Elsewhere in commodities, copper was barreling down towards $US200 for the first time since 2009.

Stock futures were little changed ahead of the open, with Dow futures up 10, and Nasdaq and S&P 500 futures flat.

NOW WATCH: JAMES ALTUCHER: The American Dream is a lie

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.