Breaking News

Oil crashes 5% as Iran readies to up exports

News Date: 15/1/2016 09:06:44
Oil prices plummeted to fresh 12-year lows on oversupply fears, as Iran readies to dump more crude on the already saturated markets as soon as the nuclear-related western sanctions are lifted, which is likely on next Monday. Iran could pump as much as one million more barrels, further pressuring the battered prices., while earlier in the week, analysts at Standard Chartered predicted that prices could fall to as low as $10 before finding a bottom.

Brent crude futures plunged $1,34, or 4.50% to $29.54, with an intraday low at $29.31, the worst in 12 years. U.S. crude had it even worse, dropping $1.53, or 5% to $29.67, with an intraday low at $29.29, last seen in 2003.

Energy shares cratered in Europe, pulling European indices down to 13-month lows. The pan-European index FTSEurofirst faltered 2.40% to 1,302, while Germany's DAX dropped 270 points, or 2.85% to 9,517. France's CAC 40 index lost 111 points, or 2.55% to trade at 4,201, while Britain's FTSE fell 125 points, or 2.21% to 5,787.

Yen rallied sharply as investors frenziedly buy the safe haven, with the Japanese currency trading around a 5-month high against the dollar at 116.64, up more than 1.0%. It jumped to a nearly two-year high against sterling at 167.62, up an impressive 1.45%. Yen edged up 0.16% against the euro to 128.07.

Precious metals had a field day as well, with gold futures driving up 20 dollars, or 1.90% to $1,094 an ounce. Silver futures surged 32 cents, or 2.38% to $14.09 an ounce.

Latest news

Futures contracts for gold declined with European trading after it was high in the Asian session : with the beginning of today’s hours, futures contracts rose by 0.66%, to be traded at a price
09-2020 21 09:52:41

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

More News