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Brent crude tumbles to 11-year low, Euro edges up.

News Date: 21/12/2015 09:38:34
Update Date: 21/12/2015 10:27:39
 

Brent crude futures collapsed to their lowest level since 2004 at $36.05, an eleven-year low, before pulling back to $36.32 a barrel, down 56 cents, or 1.52% for the day. U.S. crude futures hit a new 7-year low at $34.12, before recovering modestly to $34.50 per barrel, still down 23 cents, or 0.66% for the day. Oil faces a gloomy outlook, as production of the crude keeps running at near-record volumes, while demand isn't catching up to the significant oversupply.

 

Euro's index, which measures the common currency against a basket of its peers, edged up 0.30% to 87.74. Euro advanced 0.29% against the dollar to 1.0899. It hit a two-month high against sterling at 0.7306, up 0.18% for the day. It regained some of its losses against the yen, trading at 132.12, up 0.25% for the day.

 

European shares took spirit from Asian gains, with the pan-European stock index FTSEurofirst for the biggest 300 companies up 0.22% at 1,422. The gains were subdued however due to a plunge in Spanish stocks, after inconclusive national elections results spooked investors, with Spain's economic recovery under serious risks from the political instability. Spain's main stock index IBES 35 tumbled 2.41%. Germany's DAX jumped 1.00% however, at 10,711. France's CAC added 20 points, or 0.43% to 3,645. Britain's FTSE rose more than 0.90%, buoyed by mineral companies after a strong showing by non-oil commodities; with Glencore surging 4.0% and Antofagasta gaining 2.5%.

 

Wall Street opened higher in tandem with its European counterparts, with Dow Jones advancing 130 points, or 0.80% to 17,216. NASDAQ added 40 points, or 0.80% to 4,961. S&P 500 rose 12 points, or 0.63% to 2,018.

 

With help from a weakening dollar, gold futures jumped 10 dollars, or 0.93% to $1,074 an ounce. Silver futures tagged along, gaining 13 cents, or 0.92% to $14.22 an ounce.  

 

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