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U.S. crude climbs above $30 again on hopes of a production cut

News Date: 16/2/2016 01:34:58
Oil prices kept up their upside momentum on Tuesday, as reports kept streaming on a private meeting between oil official around the world, that is believed to be a first step towards striking a deal to cut global production volumes in order to buoy prices and ease a severe supply glut that is gripping the markets now.

U.S. West Texas Intermediary (WTI) crude futures jumped above $30 a barrel again, trading last at $30.70, up $1.25 on the day, or 4.26%. Brent crude futures also had a strong shoring, advancing four percent, or $1.34 to hover around $34.73 a barrel.

Precious metals kept suffering from a world-wide recovery, dampening their appeal as safe havens, with gold futures sliding below $1,200 again to trade at $1,197 an ounce, down a heavy 42 dollars on the day, or 3.42%. Silver futures also hit the skids, tumbling 60 cents, or nearly four percent to trade at $15.17 an ounce.

The dollar was largely flat, after U.S. markets were closed yesterday for a public holiday, with the greenback's index moving around 96.71, down 0.04%. Euro was flat versus its American partner at 1.1159, while sterling dipped nearly 0.10% to trade at 1.4426. The dollar last fetched 114.60 against Japan's yen.

Asian markets were higher today, with China 's shanghai index leading the way with a 3.17% gain. Japan's Nikkei, which surged more than seven percent yesterday, rose another 0.20%. Australian shares jumped 1.37%, while South Korea's KOSPI advanced 1.40%.

The Canadian dollar made deep inroads, buoyed by the sharp rebound of oil prices, with the loonie last trading up half a percent against its southern rival at 1.3773. The Australian dollar also benefited from the overall improving sentiment, climbing 0.15% against the greenback to 0.7149.

Investors wait for a basket of data today, with Britain's CPI on the forefront, expected to show a rise of 0.3% y/y in inflation rates in January, higher than December's 0.2% rise and a positive sign for sterling and the royal economy.

From Germany, the German ZEW Economic Sentiment survey is expected at 0.1 in February, far away from January's 10.2, and which would be the worst reading since 2014. A bad sign for the euro.

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