Breaking News

Oil prices slide to fresh 12-year lows.

News Date: 12/1/2016 00:50:19
Oil prices kept going with their downward spiral, with the futures tumbling to new 12-year lows and recording losses near 20% so far this year in just a week and a half. Brent crude futures dived 46 cents, or 1.50% to $31.12 a barrel, while U.S. West Texas Intermediary (WTI) crude futures dropped 68 cents, or 2.18% to $30.73 a barrel. The mood of the market was so gloomy, that the analysts of Standard Chartered predicted that prices could fall to as low as $10 a barrel before traders adjust their positions upwards.

Chinese shares, which were the source of all instability lately in the markets, have risen 0.60% today after tanking more than 5% yesterday; but other Asian markets remained weak, with Japan's Nikkei leading the decliners with a 2.80% loss to hit a three-month low at 17,186. Australia's S&P/ASX 200 index slipped only 0.14% however, while Korea's KOSPI edged down 0.08%. India's Nifty dropped half a percent.

Dollar was slightly down after good gains on Monday, with its index down 0.15% at 98.77. Dollar gave up 0.20% against the euro to trade at 1.0882, while sliding 0.23% against the yen to 117.51.

Sterling had it much worse however, after its Monday's profits got evaporated, trading last at 1.4519 against the dollar, down 0.15% for the day, and perilously close to a 5-1/2 year low at 1.4494. It lost 0.36% against the euro to 0.7496, not far from an 11-month trough at 0.7552.

On related news, copper prices suffered deeply, touching 6-1/2 year lows at $1.969 a pound. Gold futures inched down a dollar, or 0.10% to $1,095 an ounce, while Silver skidded 4 cents, or 0.30% to $13.82 an ounce.

Awaited for release today; Britain's manufacturing production data, forecast to have risen 0.1% m/m on November, following a drop of 0.4% in October. Industrial production on the other hand is expected to stay flat in November. Britain's manufacturing sector has suffered from weak global demand, and a big break upward could help sterling drive away from its several-year lows now. 

Latest news

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

The US stock indexes on Wall Street ended their trading high, thanks to the support of the economic data that led them to the rise, which showed that the contraction of the economy in the manufacturi
06-2020 24 00:45:21

Once again, the dollar is declining due to concerns and fears of a greater spread of the Corona virus, even though the spread has known its way to materialize ! But the question is : Will it lead to
06-2020 22 07:06:33

More News