Breaking News

Oil rebounds after China stabilized, eyes shift to U.S. jobs report.

News Date: 8/1/2016 01:20:02
Oil prices rebounded strongly after Chinese markets stabilized, with Brent crude futures up by 70 cents, or 2.12% to $34.41 a barrel, away from a 12-year low at $32.16. U.S. West Texas Intermediary (WTI) crude futures drove up 64 cents, or 1.91% to $33.91 a barrel, putting a relatively safe distance from another low at $32.10. Oil prices were hammered at the start of the week after tensions flared between Iran and Saudi Arabia, which destroyed any hopes of an agreement between OPEC members to lower production at the group's next meting in June.

China's Shanghai shares jumped more than 3.0%, after a hammering of 7.0% yesterday and on Monday. The Chinese rebound helped South Korea's KOSPI index to rise 0.70%, and India's Nifty to gain 0.30%. Other Asian markets weren't impressed however, with Japan's Nikkei down by 0.40%, and Australia's S&P/ASX 200 index faltering a similar 0.40%.

Wall Street closed with heavy losses on Thursday, with Dow Jones and S&P 500 indexes recording their biggest four-day losses at the start of the year ever. Dow lost 392 points yesterday, or 2.32% to 16,514, down 5.2% so far this year. S&P 500 tumbled 47 points, or 2.37% to 1,943, down 4.9% so far this year. NASDAQ gave up 146 points, or 3.03% to 4,689.

Dollar recovered some of its considerable losses that were slapped at it yesterday, with its index up 0.40% for the day at 98.68. Dollar advanced 0.47% agaisnt the euro to 1.0881. It gained 0.55% agaisnt the unruly yen to trade at 118.32, after hitting a 4-1/2 month low yesterday at 117.33. Dollar was flat against sterling at 1.4619, not far from a 5-1/2 year peak hit yesterday at 1.4529.

Investors await a bunch of crucial U.S. data today, most importantly, the Non-Farm Unemployment Change for December, forecast to rise a robust 200K, added to November's 211K, while the unemployment rate is expected to remain low at 5.0%, which would be fantastic news for the economy and the dollar.


Latest news

Gold futures rose for December delivery according to the Asian session on Friday. As it increased by 0.47%, to be traded at the price of 1959.00 dollars per ounce, and it was previously traded at a
09-2020 18 06:02:31

Oil prices rose this morning, due to the halt in oil and gas production due to a hurricane in the United States of America, as the price of crude oil increased by approximately 1.5%, reaching 41.13 d
09-2020 16 06:30:20

We open the trading week with a rise in gold prices today, after it witnessed a decline in the last days of last week, as it is a safe haven for investors, especially when crises that negatively affe
09-2020 14 06:22:57

Gold prices experienced a remarkable decline at the beginning of the week after it concluded its Asian trading at a high, affected by the great rush of investors, if this morning the gold futures con
08-2020 31 08:11:31

We start today's events, Tuesday, by the rise in oil prices affected by the easing of precautionary measures to combat turquoise corona in the world. US West Texas crude futures are expected to decre
08-2020 26 04:51:45

More News