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Oil prices plunge; dragging European shares down.

News Date: 28/12/2015 09:36:42

Oil prices tumbled on renewed worries about global oversupply, and weakening growth in China and elsewhere, with Brent crude futures dropping 90 cents, or 2.40% to $36.98 a barrel. U.S. West Texas Intermediary (WTI) crude futures dove 105 cents, or 2.77% to $37.05 a barrel, keeping a slight premium over Brent.


European shares struggled thereafter, with energy companies heading the top fallers; also affecting them: a slump in Chinese shares of about 3.0% after industrial profits fell in November. The pan-European FTSEurofirst 300 index gave up 0.43% to 1,433. France's CAC lost 40 points, or 0.85% to 4,623. Germany's DAX dipped 74 points, or 0.70% to 10,652. Britain's FTSE is closed however for the day.


Euro performed well, touching a nearly-two-week high against the dollar at 1.0991, before steadying to 1.0971, up 0.1% for the day. It rose 0.2% against sterling to 0.7362. It advanced 0.24% against the yen to 132.20.


Commodities deepened their losses, with Silver futures sliding 32 cents, or 2.25% to $14.05 an ounce. Gold lost $5.40, or half a percent to $1,070 an ounce. Copper futures hit a ten-day low at $2.088, down 1.70% for the day.


Wall Street opened lower in tandem with their European counterparts, with Dow Jones giving up 75 points, or 0.43% to 17,477. NASDAQ slipped 18 points, or 0.36% to 5,030. S&P 500 slid 8.7 points, or 0.43% to 2,052.23.  


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