Breaking News

Oil recovers tentatively, dollar inches up

News Date: 18/1/2016 10:42:15
Update Date: 18/1/2016 11:03:01
Oil prices clawed back some of their heavy losses after touching 12-year lows earlier in the session. The initial tumble was brought by lifting the international sanctions on Iran, opening the door for more oil exports by the Islamic Republic into the already saturated markets, and putting thereof more pressure on oil prices. It is estimated that Iran could pump as much as one million barrels a year after the sanctions relief, according to Iran's oil minister.

Brent crude futures edged up 33 cents to $29.28 a barrel, after plumbing their lowest level since 2003 earlier at $27.67. U.S. crude futures were strongly in a premium position over Brent, gaining 23 cents to trade at $29.65 a barrel, away from a 12-year low at $28.37.

Dollar inched up amid the chaos, with its index rising 0.12% to 99.09. It rose a respectable 0.20% versus the euro to 1.0894, while climbing 0.19% against the yen to 117.28.

The bruised sterling rose from the dust after a hammering last week, advancing 0.23% against the greenback to 1.4290, while jumping 0.44% versus the euro to 0.7623. Sterling gained 0.45% against the yen to 167.59.

Metal prices benefited from a late stabilization in Chinese equity markets, with copper futures powering up 1.20% to $1.967 a pound. Silver edged up 0.21%, or 3 cents to $13.92 an ounce. Gold lacked luck however, slipping 0.10%, or $1.10 to $1,089.10 an ounce. 

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News