Breaking News

Oil extends gains as winter roars, dollar slips

News Date: 25/1/2016 01:13:30
Update Date: 25/1/2016 01:15:38
Oil prices extended their gains on Monday after surging at the end of last week on short-covering, as traders close record sell positions on crude futures, while a monstrous snowstorm in the U.S. east cost raised demand sharply for heating energy. The recovery remains fragile however, as the markets remain oversupplied, and will continue to be so as Iran readies to pump half a million more barrels after sanctions-relief last week.

Brent crude futures rose 40 cents, or 1.25% to $33.35 a barrel, after soaring 10% on Friday in what was one of their biggest daily rallies ever, while U.S. West Texas Intermediary (WTI) crude futures advanced 24 cents, or 0.75% to $32.48 a barrel, following a surge of nearly 9% on Friday.

Asian markets cheered the oil revival, with Japan's Nikkei climbing 0.80% after hitting a year low last week, while China's Shanghai index rose 0.65%. Hong Kong's Hang Seng index gained a solid 1.12%, while South Korea's KOSPI clutched a 0.80% profit.

Wall Street closed Friday with considerable profits, carried high by energy shares, with Dow Jones ending up 210 points, or 1.33% at 16,093, while NASDAQ rose 119 points, or 2.66% to 4,591. S&P 500 closed up 37 points, or 2.03% at 1,906.

Dollar slipped today as investors dump safe-haven U.S. treasury bills on strengthening risk sentiment, with the greenback index edging down 0.15% to 99.44. Dollar slid 0.20% versus euro to 1.0817, while dipping 0.21% against sterling to 1.4259.

Precious metals are having a field day in tandem with oil, with gold gaining a solid five dollars, or 0.45% to trade back above $1,100 an ounce. Silver futures added 3 cents, or 0.23% to $14.08 an ounce. Copper however gave up ground, with the industrial metal's futures sliding 0.34% to $1.996 a pound.

Investors await some data today, with the German Ifo Business Climate survey expected at 108.5 in January, barely down from December's 108.7. The higher the result is the better for the euro.

From Britain, the CBI Industrial Order Expectations survey is forecast at -10 in January, worsening from December's -7. A result below zero indicates lower orders expectations for the manufacturing sector.

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