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Brent crude hits a 7-year low, loonie tumbles to an 11-year trough.

News Date: 7/12/2015 10:03:24

Crude oil prices were badly hit as the dollar regained its strength, and a supply glut that shadowed the markets for a year and half persists. Brent crude futures hit a seven-year low at $41.90 a barrel, losing $1.10, or 2.57%. U.S. crude futures fell to a three-month low at $38.72 a barrel, giving up $1.25, or 3.13%, and trading on the verge of their own multi-years low.


Underlining all this, the dollar shook off its post-ECB weakness, taking spirit from the stellar jobs report's results, with its index up 0.53% to 98.79. Dollar rose 0.57% against the euro to 1.0818, while advancing 0.21% against sterling to 1.5081. It gained 0.26% against the yen to 123.44.


Canadian dollar was tagged along in the oil rout, losing close to 1.0% against the dollar, touching a fresh eleven-and-a-half-year low at C$1.3489. It lost 0.30% against the euro to 1.4575.


Euro gave up some of its last week gains, with its index down 0.42% to 87.13. Euro fell 0.26% against sterling to 0.7176. It lost 0.35% against the yen to 133.44.


European shares began the week with a jump, induced in part by the weakness in the euro, which helped exporters. The pan-European index FTSEurofirst 300 rose 1.01% to 1,472. Germany's DAX rallied 200 points, or 1.92% to 10,959. France's CAC 40 added 70 points, or 1.47% to 4,784. Britain's FTSE was more muted, affected by losses by energy companies, to record a small gain of 18 points, or 0.29% to 6,256.


Wall Street opened slightly lower, with Dow Jones down 30 points, or 0.16% to 17,807. NASDAQ edged down 3 points, or 0.06% to 5,139. S&P 500 slipped five points, or 0.25% to 2,086.


Gold prices were put under negative pressure due to the strong dollar, with the futures losing 5 dollars, or 0.46% to $1,079 an ounce. Silver futures gave up earlier gain, heading down to $14.46 an ounce, with a 6 cent loss, or 0.43%.


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