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Resurgent oil lifts European shares to three-week high.

News Date: 29/12/2015 09:48:16

Oil prices rebounded strongly after losing about 3.0% yesterday, with Brent crude futures jumping 78 cents, or 2.12% to $37.61 a barrel. U.S. West Texas Intermediary (WTI) crude futures surged 90 cents, or 2.42% to $37.70 a barrel. The prices were supported as weather forecasters expect a cooler winter ahead after a warmer-than expected start of the season, which would ramp up the demand on heating oil.


European shares cheered the gains, with the pan-European FTSEurofirst index hitting a three-week high at 1,448, with a 1.15% profit. France's CAC 40 index rose 70 points, or 1.54% to 4,688. Germany's DAC added 160 points, or 1.50% to 10,812. Britain's FTSE underperformed the broader market however, advancing only half a percent to 6,286.


Sterling suffered large losses, diving to an 8-1/1 month low against the dollar to 1.4799, down 0.55% for the day. It gave up 0.28% against the euro to 0.7388. Sterling tumbled to an eight-month low against the yen at 178.21, deepening its December losses to 3.82%.


Dollar performed better, with its index gaining 0.35% to 98.34. Dollar rose 0.40% against the euro to 1.0927, while inching up 0.04% against the yen to 120.46, struggling to create a distance from a two-month low at 120.05. 


Minerals joined the oil-induced rise, with silver trading at $14 an ounce, up 0.80%. Gold added three dollars, or 0.30% to $1,071 an ounce. Copper however was the biggest gainer, surging to a six-week high at $2.133 a pound, up 2.60% for the day.


Wall Street opened sharply higher, with Dow Jones leading the way; rising 161 points, or 0.91% to 17,688. NASDAQ added 33 points, or 0.67% to 5,074. S&P 500 gained 15 points, or 0.77% to 2,072.    


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