oil prices

Sub-$40 Oil Spreads Gloom to Other Markets

August 3, 2016

WTI oil got a little bounce after yesterday’s drop but remains below the critical $40 level at $39.85 per barrel. Rippling damage from the U.K. Brexit vote in June was evident in the U.K. services purchasing managers survey, which slumped to an 88-month low of 47.4 in July from 52.3 in June and 53.5 in […] More

Firmer Commodity Prices

May 26, 2016

Crude oil (+0.7%) and a wide spectrum of industrial metal prices firmed overnight.  WTI touched a high of $49.97 per barrel, and brent surpassed $50.00. St. Louis Fed President James Bullard is the latest Fed official to indicate that a June interest rate hike may be in play.  He spoke of tightening U.S. labor market […] More

Several Pieces of Good News

May 25, 2016

Yesterday’s strong performance in North American equities carried over into Pacific Rim and European markets today.  Japan’s Nikkei closed 1.6% higher.  Shares also climbed 2.7% in Hong Kong, 2.3% in India, 1.5% in Australia, 1.3% in Indonesia, 1.2% in South Korea and Taiwan and 0.7% in New Zealand.  The Shanghai composite index dipped 0.2%, however, […] More

Dollar Little Affected by Risk Aversion in Other Markets

April 20, 2016

Stocks in China, Hong Kong and Taiwan slumped 2.3%, 1.5%, and 1.4%.  A Chinese central bank official implied lessening inclination to ease. West Texas Intermediate crude oil dropped 2.3% to $40.14 per barrel on news that Kuwaiti workers called off their strike. The 10-year Japanese JGB yield dipped another basis point to a record low […] More

Oil Price Retreat Extended

March 29, 2016

West Texas Intermediate crude oil slid another 2% and is trading about 7% below last Wednesday’s close.  Gold (down 0.3%) and most metals are lower, too, adding to the heaviness of commodity-sensitive currencies. A narrowly mixed dollar is down 0.5% against the New Zealand dollar and shows losses of 0.2% against the loonie and sterling […] More

WTI Oil Extends Rise Above $40 Level

March 18, 2016

West Texas Intermediate oil has climbed another 1.8% to $40.93 per barrel.  There has been a rebound of 56.6% since February 11 when oil touched its lowest level since May 2003. The rebound in oil has maintained a bid tone in share prices.  The DOW is 0.7% higher.  Stocks have risen 0.5% in Spain and […] More

Markets Tugged One Way by Oil and Another by Clarifying Super Tuesday Results

March 2, 2016

West Texas Intermediate crude oil dropped back 2.1% to $33.67 per barrel, depressing U.S. stock futures.  Weekly U.S. oil inventories get reported today. Comex gold, the ultimate haven beneficiary, edged 0.2% lower to $1,230.25 per ounce. Trump won Alabama, Massachusetts, Virginia, Tennessee, Georgia, Vermont and Arkansas and now leads Cruz in the Republican delegate count […] More

Sterling’s the Biggest Loser Against a Strengthening Dollar

February 22, 2016

Sterling fell 2.0% against the U.S. currency, which also has risen 0.9% against the euro, 0.8% relative to the Swiss franc and 0.5% vis-a-vis the yen.  Emerging market currencies and commodity-sensitive monies have also performed well this Monday.  The U.S. dollar lost 1.1% against the Aussie dollar, 0.4% versus the kiwi, 0.5% against the rand […] More

Markets Step Closer to the Abyss

January 15, 2016

West Texas Intermediate oil plunged 4.7% overnight on signs that sanctions against Iranian exports will be lifted next week, boosting world supply. Commodity-sensitive currencies like the Aussie and New Zealand dollars (down 1.7% each) and the Canadian dollar (off 0.9% against its U.S. counterpart) fell sharply overnight. China’s Shanghai composite index sank 3.6%, bringing its […] More

Year’s Difficult Start Continuing

January 12, 2016

Much of the damage emanates from China.  Turning back from the transition from investment- and export-led growth to consumption-led expansion in the world’s second largest economy is not a socially or economically sustainable long-term option.  The switch is proving to be messier than hoped.  One problem is the shroud of secrecy surrounding all aspects of […] More

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