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NEW YORK: Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.
Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract, which expired on Tuesday, rose 27 cents to settle at $70.56 a barrel, after dropping 2.3% in the previous session. The more active November contract rose 35 cents a barrel to $70.49.
Brent and the November WTI contract earlier reached session highs of $75.18 a barrel and $71.48 per barrel, respectively.
"It seems
Read More »Wall Street ends sharply lower in broad sell-off
NEW YORK: Wall Street fell in a broad sell-off on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May, as fear of contagion from potential collapse of China's Evergrande drove investors out of equities in a flight for safety.
The Nasdaq also hit its lowest level in about a month, but indexes pared losses just before the close to end well off their lows of the session. The Nasdaq was down more than 3% during the day.
Microsoft Corp, Alphabet Inc, Amazon.com Inc, Apple Inc, Facebook Inc and Tesla Inc were among the biggest drags on the Nasdaq and the S&P 500.
All 11 major S&P 500 sectors were lower, with economically sensitive groups like energy, which fell 3%, down the most. Defensive sectors including utilities were down the least.
Investo
Read More »Oil falls 2% on risk aversion, US$ strength
NEW YORK: Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell US$1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.
The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and investors braced for the Federal Reserve to take another step toward tapering this week.
"As the U.S. dollar is usually a safe haven, its exchange rate against other currencies strengthens, a development that supplements t
Read More »World shares fall as markets await Fed meeting, taper timeline
NEW YORK: World shares fell on Friday after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases.
U.S. stocks ended sharply lower in a broad sell-off on Friday. All three major U.S. stock indexes lost ground, with the Nasdaq Composite Index weighed down as rising U.S. Treasury yields pressured market-leading growth stocks.
The 10-year U.S. Treasury note yield briefly touched 1.3855%, its highest level since July 14, while the dollar hit a three-week high.
MSCI's gauge of Read More »
Oil price falls as storm-hit US supply trickles back into market
NEW YORK,: Oil prices fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Brent crude futures fell 33 cents to settle at US$75.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 64 cents to settle at $71.97 a barrel. For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.
Friday's slump followed five straight sessions of rises for Brent. On Wednesday, Brent hit its highest since late July, and U.S. crude hit its highest since early August.
"The reason oil p
Read More »World shares slide on China investment worries
NEW YORK: Global share markets edged lower globally on Thursday as concerns about investments in China and a mixed day on Wall Street outweighed positive economic data in the United States.
The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.
International investors who have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head.
Dwindling resources set against 2 trillion yuan ($305 billion) of liabilities have wiped nearly 80% off the developer's stock
Read More »Oil price up 1%
Saturday, 10 December 2016 NEW YORK: Oil prices rose about 1% on Friday on hopes that non-OPEC producers meeting in Vienna over the weekend would agree to output restrictions following limits OPEC announced last week to curb an oil glut. Both Brent and U.S crude futures, however, notched their first …
Read More »7 Nov 2016: Ringgit opens lower against US dollar
Monday, 7 November 2016 KUALA LUMPUR: The ringgit opened lower against the US dollar on Monday as oil prices continued their downtrend in the global market on worries over higher US crude inventories. At 9am, the ringgit was quoted at 4.2040/2090 against the greenback from 4.1970/1020 on Friday. At the …
Read More »Oil prices below US$50 early Thursday
Thursday, 27 October 2016 SINGAPORE: Oil prices were below US$50 per barrel on Thursday on doubts OPEC will be able to bring together its members and Russia to organize a coordinated crude production cut. International Brent crude oil futures made a push above $50 per barrel early on Thursday, …
Read More »Oil price falls 4%; US crude draw seen as glitch
Saturday, 10 September 2016 NEW YORK: Oil prices fell 4 percent on Friday, paring most of the previous session’s rise as traders noted that a tropical storm was behind this week’s unexpected slump in U.S. crude inventories. The market ended up around 3 percent, its first gain in three weeks. …
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