Breaking News

Volatile oil resumes fall on inventories increase.

News Date: 30/12/2015 01:03:39

Oil resumed its decline, after rising 3.0% yesterday, and falling 3.0% in the day before, in volatile year-end trading induced by thin volumes, and as a private sector survey for U.S. oil inventories showed an increase of about 3.0 million barrels, opposed to forecasts of no-change. U.S. West Texas Intermediary (WTI) crude futures dove 72 cents, or 1.91% to $37.15 a barrel. Brent crude futures underwent a more muted depreciation; losing 27 cents, or 0.70% to $37.35 a barrel, regaining thereafter their premium over U.S. crude after a week-long hiatus.


Asian shares shaved some their earlier gains in response to the oil decline, with Japan's Nikkei index up 0.33%. Australia's S&P/ASX 200 index was solidly higher by 1.0%. Korea's KOSPI and India's Nifty relinquished all of their gains however; trading flat. China's CSI300 index tumbled 0.70%.


Wall Street closed with strong profits, led by technology profits after Alphabet (Google) and Amazon hit record highs. Dow Jones jumped 192 points, or 1.10% to 17,720. S&P 500 rose 21 points, or 1.06% to 2,078. Technology-focused NASDAQ surged 66 points, or 1.33% to 5,107, making it the biggest winner.


Dollar's index was largely flat, trading at 98.23. Dollar edged down 0.11% against the euro to 1.0935. Sterling rose by a similar percentage against the American currency to 1.4836. Dollar inched down 0.07% against the yen to 120.36 after two days of modest gains.


Gold futures are up two dollars, or 0.20% to $1,070 an ounce. Silver added 3 cents, or 0.25% to $13.96 an ounce. Copper trended lower, down 0.40% at $2.129 a pound, after surging to a six-week high yesterday at $2.147.


Awaited for release today, Spanish Flash CPI for December, forecast to rise 0.1% y/y after being negative for four consecutive months, which would be modestly positive for the euro.


From the U.S., the official survey for Crude Oil Inventories is forecast to show a decrease of 1.08M barrels for last week, but there's a high probability of missing the forecast and marking a rise in inventories as shown in the private sector survey, which would be negative for oil prices.   


Latest news

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

According to the New York Mercantile Exchange, futures contracts for gold fell, as they were traded in December at $1642.4 an ounce, it decreased by 0.29%. Gold has already traded lower session at $
09-2022 16 02:02:56

More News