Breaking News

Commodities slide as China tumbles

News Date: 20/4/2016 02:27:42
Commodity prices fell en masse on Wednesday after Chinese shares recorded big losses, while a three-day union strike in Kuwait ended, nudging oil prices down as production is expected to come back to normal soon in OPEC's fourth largest producer, bringing back fears of a global supply glut.

Brent crude futures lost $1.09, or 2.45% to trade at $42.95 a barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped $1.06, or 2.50% to hover around $41.41 a barrel, still holding on above $40 however for the time being.

China's Shanghai index slumped four percent without an apparent reason, as volatility returned back strongly to the markets of the world's second largest economy, while Japan's Nikkei index rose 0.20% to 16,906. Australian shares added more than half a percentage point.

Gold futures gave up more than four dollars, or 0.33% to trade at $1,250 an ounce, affected by profit taking, while silver futures eased four cents, or 0.25% to move around $16.92 an ounce. Copper sank over one percent to $2.202 a pound.

Investors wait for a basket of important U.S. data, with existing home sales expected to have risen to an annualized 5.29 million sales in March, compared to February's 5.08M, but recent housing data showed dismal results, so it remains to be seen if that will hold.

Also from the U.S., crude oil inventories are expected to have risen by 2.2 million barrels to a new record high last week, adding to the previous week's 6.6M addition, would would pressure crude prices further.

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