Breaking News

Oil, commodity currencies show tentative signs of recovery

News Date: 14/1/2016 09:26:18
 
Oil prices recovered tentatively, but oversupply fears remained strong as Iran readies to regain its market share after the official lifting of the international sanctions on Monday. Iran could dump as much as one million barrels more on the already-saturated markets one year after the sanctions relief.  

U.S. West Texas Intermediate (WTI) rose 30 cents, or 1.0% to $30.82 a barrel, while Brent futures traded flat at $30.20 a barrel, after breaching the $30 level for the first time in 12 years earlier in the session.

Commodity-reliant currencies had a brutal bashing today, but showed signs of recovery, with Australian dollar pulling away from a 4-month low to trade slightly higher at $0.6957. Loonie traded at C$1.4359, not far from a 12-1/2 year nadir plumped earlier at C$1.4394, while the New Zealand dollar was still down 1% at $0.6452, but trading higher than a 14-week trough hit earlier at $0.6418.

European shares tumbled to 4-1/2 month lows on global growth worries, with energy companies leading the decliners. The pan-European FTSEurofirst index was last down 1.90% at 1,329. Germany's DAX lost 187 points, or 1.87% to move back below the 10,000 mark. France's CAC sank 1.90% to 4,308, while Britain's FTSE outperformed the broader market, falling only 0.98% to 5,902.

Gold prices drifted lower on waning demand fears from China, with the futures registering a loss of $2.80, or 0.26% to $1,084 an ounce. Silver futures plummeted 2.34% to $13.81 an ounce, after scoring their highest daily gain in three weeks yesterday.

Latest news

Oil still faces the challenges behind the imbalances between supply and demand due to the economic deterioration, as Brent crude futures rose 0.54% this morning to be traded at $ 43.12, while futures
07-2020 15 05:51:44

Advertising sources reported that the number of confirmed cases of Covid virus 19 reached 12 million and 800 thousand cases, as the largest number of infections was recorded with a total of 839,850 c
07-2020 13 03:43:07

On Friday, oil prices continued to harvest more losses, retreating to the lowest levels, with the high rate of coronavirus infections in the United States of America, and due to fears of isolation an
07-2020 10 06:16:09

Oil prices fell today, Wednesday, after the increase in crude inventories, which increases the fears of supply. Therefore, it is expected that US crude production will decline by 600 thousand barrels
07-2020 08 08:20:53

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

More News

Logs

Advertisements