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Oil prices reeling as Iran promises more pumping.

News Date: 7/12/2015 00:22:54

After it was first reported that OPEC is raising its production ceiling to 31.5 million barrels –effectively going along the real production volumes now-, the OPEC meeting on Friday ended without a final decision, as Iran refused any ceiling, promising more pumping after nuclear-related sanctions are lifted. Oil prices fell to near the six-year lows touched in August this year, with Brent futures trading at $42.73 a barrel, losing 50 cents, or 1.15%. U.S. crude futures slid 40 cents, or 0.95% to $39.59 a barrel.


Euro conceded some of the ground it grabbed in its massive post-ECB rally on Thursday, when it gained more than 3.0%, the biggest daily gain in almost seven years. Euro is now trading at 1.0863 against the dollar, down 0.15% for the day, but not far from its one-month high at 1.0938. Euro's index edged down 0.09% to 87.42, while Euro slipped 0.07% against sterling to 1.5101.


Yen was under pressure, giving up 0.15% against the dollar to 123.29. It traded near a two-week low reached on Friday against sterling at 186.14. It was a shade lower against the euro at 133.93.


Asian shares recorded gains on Monday, benefiting from a Friday rally by Wall Street, induced by the jobs report's solid results. Japan's Nikkei led the way, rising 1.25% to 19,747. China's CSI300 for biggest listed companies in Shanghai and Shenzhen advanced 0.45%, while Australia's S&P\ASX 200 added 0.18%. India's Nifty edged up 0.17%. Korea's KOSPI was flat however, trading around 1,974.


Wall Street ended last week with a big rally, with Dow Jones jumping 369 points, or 2.12% to 17,847. NASDAQ gained 104 points, or 2.08% to 5,142. S&P 500 rallied 42 points, or 2.05% to 2,091.


Gold prices were shaky, as reports mentioned a possible ban by the world's second largest consumer of gold, India, on the imports of 24-carat gold to lower its current account deficit. Gold futures last traded at $1,085 an ounce, down 0.13%. Silver futures were more upbeat, gaining 2 cents, or 0.15% to $14.57 an ounce.


Investors will be waiting for the German industrial production report, forecast to have grown 0.7% m\m in October, much better than September's contraction of 1.1%. Germany is the engine of the Eurozone, the better its results are the higher the euro is expected.       


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