Breaking News

Oil prices cautious ahead of Doha meeting

News Date: 15/4/2016 02:03:26
Oil prices racked up small gains on Friday as investors wait for the weekend meeting in Doha, Qatar between major producers that could result in a global deal to freeze production volumes at their current levels, easing fears of a supply glut and buoying prices. Iran is not expected to join in the deal however,, proving anxious to investors.

Brent crude futures added six cents, or 0.14% to trade at $43.91 a barrel, not far from a five-month high at $44.94, while U.S. West Texas Intermediate (WTI) crude futures inched up eight cents, or 0.19% to hover around $41.95 a barrel.

Earlier China data showed GDP slowing down in the first quarter to record a growth of 6.7%, compared to 6.8% in the last quarter, but matching expectations. Industrial production on the other hand jumped 6.8% y/y in March, easily beating forecasts of a 5.9% rise.

China's Shanghai index didn't react much to the data however, dipping 0.19%, while Japan's Nikkei index gave up over half a percentage point, moving away from a two-week high hit yesterday. Australian shares bucked the trend, climbing 0.70% to three-week highs.

Investors wait for an array of economic data later today, with Canada's manufacturing sales expected to have fallen 1.4% m/m in February, compared to January's upbeat 2.3% rise, which would be negative for the loonie.

From the U.S., Industrial production is expected to have improved in March, to fall just 0.1% m/m, compared to February's 0.5% slide, which could offer some support for the dollar.

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