Breaking News

U.S. crude climbs above $30 again on hopes of a production cut

News Date: 16/2/2016 01:34:58
 
Oil prices kept up their upside momentum on Tuesday, as reports kept streaming on a private meeting between oil official around the world, that is believed to be a first step towards striking a deal to cut global production volumes in order to buoy prices and ease a severe supply glut that is gripping the markets now.

U.S. West Texas Intermediary (WTI) crude futures jumped above $30 a barrel again, trading last at $30.70, up $1.25 on the day, or 4.26%. Brent crude futures also had a strong shoring, advancing four percent, or $1.34 to hover around $34.73 a barrel.

Precious metals kept suffering from a world-wide recovery, dampening their appeal as safe havens, with gold futures sliding below $1,200 again to trade at $1,197 an ounce, down a heavy 42 dollars on the day, or 3.42%. Silver futures also hit the skids, tumbling 60 cents, or nearly four percent to trade at $15.17 an ounce.

The dollar was largely flat, after U.S. markets were closed yesterday for a public holiday, with the greenback's index moving around 96.71, down 0.04%. Euro was flat versus its American partner at 1.1159, while sterling dipped nearly 0.10% to trade at 1.4426. The dollar last fetched 114.60 against Japan's yen.

Asian markets were higher today, with China 's shanghai index leading the way with a 3.17% gain. Japan's Nikkei, which surged more than seven percent yesterday, rose another 0.20%. Australian shares jumped 1.37%, while South Korea's KOSPI advanced 1.40%.

The Canadian dollar made deep inroads, buoyed by the sharp rebound of oil prices, with the loonie last trading up half a percent against its southern rival at 1.3773. The Australian dollar also benefited from the overall improving sentiment, climbing 0.15% against the greenback to 0.7149.

Investors wait for a basket of data today, with Britain's CPI on the forefront, expected to show a rise of 0.3% y/y in inflation rates in January, higher than December's 0.2% rise and a positive sign for sterling and the royal economy.

From Germany, the German ZEW Economic Sentiment survey is expected at 0.1 in February, far away from January's 10.2, and which would be the worst reading since 2014. A bad sign for the euro.

Latest news

The futures contracts for oil witnessed an increase, as it rose by 0.16%. According to the New York Mercantile Exchange, the futures contracts for crude oil were traded in November at 82.02 dollars p
09-2022 29 02:42:06

Bitcoin, the largest cryptocurrency by market capitalization, managed to exceed the $20,000 level, rising by more than 5%, to $20,286 in particular. Followed by Ether, the second largest cryptocurren
09-2022 27 00:49:52

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

More News

Logs

Advertisements