jump to navigation

Oil prices fall to near $71 per barrel October 12, 2009

Posted by dhirendra08 in Big Gains, Negative Correlation, Positive Economic signs, Spark Inflation, Stimulus spending, Strong Signal.
Tags: , , , , , , , , , , , , ,
add a comment

Good morning friends.  We are having a fall oil price per barrel.  Oil prices fell to near USD 71 a barrel on Friday in Asia, giving up part of the previous day’s big gains, as the US dollar rebounded.

Benchmark crude for November delivery was down 49 cents at USD 71.20 by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added USD 2.12 to settle at USD 71.69 on Thursday.

Oil has bounced in a range between USD 65 and USD 75 for months amid signs a recovery of the US economy could be slow and uneven.

A weakening dollar has helped support crude prices as investors pour money into commodities on concern that the surge in stimulus spending will eventually spark inflation.

“People are using crude and gold as an inflation hedge because the US is just printing money,” said Clarence Chu, a trader at market maker Hudson Capital Energy in Singapore.

“There’s definitely been a negative correlation between the dollar and oil.”

The euro fell to USD 1.4722 from USD 1.4791 the previous day, and the dollar rose to 89.18 yen from 88.37.

Oil prices will likely trade near USD 70 until there are more positive economic signs, such as job creation, Chu said.

“There hasn’t been a strong signal that the economy is recovering,” Chu said. “There are still job losses every month.” – Indian Express

Asia markets advance on Wells Fargo profit report (2) April 10, 2009

Posted by dhirendra08 in Big Gains, Overall Market Strength, Plunge Overnight.
Tags: , , , , , , , , , , ,
add a comment

Stock markets in Hong Kong, Singapore, India, New Zealand, Indonesia, the Philippines and Australia were closed for a public holiday.

 

In Japan, the Nikkei 225 stock average was up 26.33 points, or 0.3 per cent, at 8,942.39, with gains checked by losses among banking stocks.

 

Shares of Sumitomo, the smallest of Japan’s three mega banks, faced a glut of sell orders and remained untraded in the afternoon. It was set to fall more than 15 per cent, following a 16 percent plunge overnight of its American depository receipts.

 

Its rivals weren’t doing much better. Mizuho Financial Group Inc. was down more than 10 percent, and Mitsubishi UFJ Financial Group Inc retreated 3.1 per cent despite overall market strength.

 

South Korea’s Kospi climbed 19.24 points, or 1.5 per cent, to 1,335.59. Shanghai’s main index rose 2.1 per cent to 2,430.01. Markets in Taiwan and Maylasia also gained.

 

In New York, The Dow rose 246.27, or 3.1 per cent, on Thursday to 8,083.38.

 

Broader stock indicators also piled on big gains. The Standard & Poor’s 500 index rose 31.40, or 3.8 per cent, to 856.56. The Nasdaq composite index rose 61.88, or 3.9 per cent, to 1,652.54.

US stock markets, also closed Friday, will re-open Monday along with most Asian bourses. Europe’s are closed until Tuesday.

 

In currencies, the dollar fell to 100.36 yen from 100.58 yen. The euro was higher at $1.3141 from $1.3124.