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Europe's indexes fall, oil retreats in choppy trading

News Date: 12/10/2015 10:21:28
 

 Leading European indexes fell on Monday, pulled down by mining companies. As of 13:52 GMT, British lead index FTSE 100 fell 45 points, or 0.71% to 6,370. French index CAC fell 27 points, or 0.57% to 4,674. German leading index DAX fell 20 points, or 0.20% to 10,076.

 

Japan, U.S. and Canada are shut for holidays.

 

Oil rose in early trading, after U.S. rig count fell for the sixth week in a row, and after Kuwait's oil minister expressed views that economic growth and a tapering of high-cost production will allow for balanced markets in the future. The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for oil demand in 2016, projecting a demand of 30.82 million barrels per day from OPEC, up 510,000 barrels from its previous forecast.

 

Nonetheless, oil prices fell in profit-taking after their initial rise, with Brent oil falling 65 cents to $51.80 a barrel, after rising to $53.28 earlier. U.S. oil fell 80 cents to $48.70 a barrel, after rising to $50.09 earlier.

 

Dollar posted mixed results, rising slightly against Yen to 120.04. It also rose against Canadian dollar, trading at 1.2969.

 

It fell against other key currencies. Against Sterling it slid to 1.5349. Against Euro it stabilized a bit but was still down for the day, trading at 1.1365. It fell for the ninth consecutive session against the Aussie, trading at 0.7351.

 

Euro was in calm, thin trading on Monday. Against Sterling it traded around its previous closing price at 0.7404. Same with Yen, trading at 136.52.

 

Spot gold rose nine dollars, or 0.77%, fetching $1,165.20 an ounce. Silver rose 16 cents, or 1% to $15.98 an ounce.

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