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

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

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

More News