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Crude prices widen losses, dragging European shares down

News Date: 19/7/2016 04:55:26
 
Crude prices registered more losses on Tuesday after tumbling over one percent yesterday on renewed worries of increased supply and waning demand, specially after the failed coup in Turkey shook investors for a while, adding to concerns over Britain's exit from the European Union.

U.S. crude futures lost 18 cents, or 0.44% to trade at $45.73 a barrel, after hitting an intraday low at $45.46, while Brent crude futures retreated 20 cents, or 0.43% to hover around $46.76 a barrel.

European shares opened considerably lower, weighed down by lower oil prices and profit-taking activities, with the pan-European FTSEurofirst 300 index down to a multi-day low at 1,327, with an 0.80% loss, while Germany's DAX gave up a heavier 1.28% chunk to trade back below 10,000.

Wall Street on the other hand ended with a cheer note, with both Dow Jones and Standard and Poor's hitting record highs on strong earnings for the second quarter and a big tech acquisition deal that pushed NASDAQ up by over half a percent.

Investors await a slew of important U.S. data later, mainly housing starts for June, expected to inch up to an annualized 1.17 million units from May's 1.16M.

U.S. building permits are forecast to have edged up as well to an annualized 1.15 million units from May's 1.14M, which would underpin the sentiment on the housing sector in the world's largest economy, buoying the dollar.

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