Breaking News

Oil prices surge, carrying global stocks higher

News Date: 22/2/2016 09:18:46
 
Oil prices registered considerable gains on Monday after the International Energy Agency expected a fall in U.S. shale output, which was reinforced by a drop in the weekly rigs count, and a string of defaults by small and medium energy companies across America, as they fail to pay back their loans on the back of extremely low crude prices.

Brent crude futures jumped $1.62, or nearly five percent to trade at $34.65 a barrel, keeping up its wide premium over its U.S. rival, which rose a similar $1.75, or about six percent to hover around $31.39 a barrel, edging steadily away from the $30 level.

European shares rallied, buoyed by surging energy shares, with the pan-European index FTSEurofirst 300 advancing 1.50% to above the level of 1,300 again, while Germany's DAX gained 170 points, or 1.81% to trade at 9,555. Britain's resource-rich FTSE index climbed 90 points, or 1.51% to hover around 6,039.

Sterling extended its massive losses today, plumbing a seven-year nadir against the dollar as worries grow over the possibility of a British exit from the European Union, as political forces fight it out in the kingdom, with the economic future hanging in the balance.

The pound slumped 2.26% to 1.4076, threatening to go below 1.400 for the first time in several years, while also tumbling 1.22% versus the euro to trade at 0.7822. Sterling hit its lowest since 2013 against Japan's yen at 159.31, down a heavy 1.82% on the day.

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News

Logs

Advertisements