Breaking News

Oil slumps after failed Doha talks

News Date: 18/4/2016 02:12:39
Oil prices plunged on Monday after talks in Doha, Qatar, between major producers to limit global production failed completely due to Saudi Arabia's insistence that Iran joins in, or it will not join. Iran believes it has a bigger market share after the lifting of sanctions.

Brent crude futures tumbled $1.80, or 4.22% to trade at $41.26 a barrel, while U.S. West Texas Intermediate (WTI) crude futures sank below the psychological level of $40 again, trading last at $39.80 a barrel, down $1.90 on the day, or 4.63%.

Asian shares registered wide losses after the gloomy events, with China's Shanghai index giving up 1.60%, while Australian shares fell 0.36%. Japan's Nikkei was additionally hit by worries over recent earthquakes in the country and their affect on manufacturing, with the index plummeting 3.40%.

Safe havens had a field day, feeding off investors' current anxiety, with Japan's yen surging 0.75% against the dollar to trade at 107.95, while gold futures advanced over three dollars, or 0.26% to hover around $1,237 an ounce. Silver lost ground however, dropping 0.66% to $16.20 an ounce.

Not a lot of data is awaited today, with America's NAHB Housing Market Index expected to inch up to 59 in April, compared to March's 58 reading, which would reinforce the strength of the housing sector in the world's largest economy.

Latest news

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

Today gold futures and crude oil futures rose during the Asian session. As the gold futures contract was traded in December at $1,685.30 an ounce, its price increased by 0.42%, after it had previous
09-2022 20 02:56:35

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this w
09-2022 19 01:28:27

More News