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Oil drops sharply after OPEC, dollar takes relief after jobs report.

News Date: 4/12/2015 09:57:45
 

The Organization of the Petroleum Exporting Countries (OPEC) decided to raise its production ceiling to 31.5 million barrels, rather than lowering it as some investors hoped; thus reinforcing the supply glut situation with no solution in the horizon. Oil prices plunged to three-month lows, trading perilously close to seven-year lows touched in August: Brent futures fell 93 cents, or 2.11% to $42.92 a barrel, and extending their weekly losses to about 4.0%. U.S. crude futures tumbled $1.14, or 2.78% to $39.94 a barrel, heading for a weekly loss of 4.24%.

 

The U.S. Non-Farm Payrolls report showed another 211,000 addition in the jobs market in November, thus making it all but final the prospects of a rate hike later this month by the Fed. Dollar took relief after the data, reinforcing an earlier recovery, with its index up 0.30% to 98.11. Dollar rose 0.22% against the euro to 1.0918, while gaining 0.26% against sterling to 1.5101. It advanced 0.43% against the yen to 123.09.

 

European shares extended their post-ECB losses; with the pan-European index FTSEurofirst 300 sliding 1.03% to a 2-1\2-week low at 1,447. Germany's DAX dipped 90 points, or 0.85% to 10,696. Britain's FTSE lost 46 points, or 0.74% to 6,228. France's CAC 40 fell 36 points, or 0.77% to 4,694.

 

Wall Street opened higher, as investors take the positive jobs report as an indication for a strengthening economy, even if it would lead to higher interest rates. Dow Jones rose 117 points, or 0.68% to 17,601, paring its losses for the week to 1.19%. NASDAQ gained 32 points, or 0.65% to 5,070, with a mitigated weekly loss of 1.11%. S&P 500 added 16 points, or 0.78% to 2,065, set for a weekly loss of 1.21%.

 

Gold prices extended their gains, with the futures hitting a two-week high at $1,077 an ounce, with a 1.55% profit. Silver futures jumped to a three-week high at $14.42 with a robust 2.47% gain.

 

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