Breaking News

Commodities recover handsomely, nudging equities higher

News Date: 26/1/2016 10:19:48
Update Date: 26/1/2016 10:29:26
Oil prices erased their earlier Asian-trade losses and muscled higher above $30 on hopes of better cooperation between Russia and Saudi Arabia to lower production levels in order to ramp up prices. The two energy superpowers are competing against each other in Syria which hampered communications between the two before, but recent statements suggest a change could happen.

Brent crude futures rose 1.80%, or 55 cents to $31.93 a barrel, after touching a session-low at $30.13, while U.S. crude futures added 43 cents, or 1.40% to trade at $30.77 a barrel, away from a session-low at $29.26.

Other commodities were in the black as well, with gold futures adding $7.30, or 0.66% to $1,112 an ounce. Silver rose 7 cents, or half a percent to $14.35 an ounce, while copper futures climbed a solid 1.47% to $2.029 a pound.

European shares reversed higher as energy shares recouped their losses, with the pan-European index FTSEurofirst 300 gaining 0.23% to 1,326. Germany's DAC advanced 34 points, or 0.35% to 9,770. France's CAC 40 index rose to 4,359.

Wall Street opened sharply higher, with Dow Jones adding 171 points, or 1.10% to 16,057. S&P 500 powered up 10 points, or 0.60% to 1,887. NASDAQ Composite underperformed however, burdened by tech companies, with the index recording a small gain of 0.13% to trade at 4,525.

Earlier in the day, China's shares plunged more than six percent on worries over the slowing economy and the government's sloppy handling of it. China has become a big source of instability as of late with their extremely volatile moves.

Latest news

Curse continues... Inflation is following us to 2023 Inflation led most of the banks in the world to raise interest rates, in an attempt to reduce it . The International Monetary Fund expects that t
12-2022 30 06:28:23

Gold prices fluctuate with the reduction of dollar's losses Gold's prices varied after its positive start at the expense of the dollar’s decline, which tended to reduce its losses, while oil c
12-2022 29 03:29:32

Vladimir Putin takes revenge by Russian oil embargo President Vladimir Putin has banned Russian oil in response to the price cap. He has signed a decree retaliating against the West's imposition of
12-2022 28 03:04:38

Gold prices rose today, Tuesday, affected by the decline of the dollar, which declined by 0.3%, and gold rose by 0.4% to reach $1804.99 an ounce, and gold futures rose by 0.4% to reach $1811.90. The
12-2022 27 04:19:22

The first Saudi-Japanese ministerial dialogue meeting for energy The Saudi Prince of Energy and the Japanese Minister of Economy and Industry held a meeting in Riyadh - Saudi Arabia, in which they
12-2022 26 02:50:27

More News