Tuesday, 22 January, 2019

Oil Prices Fall More Than A Per Cent

Oil prices up with OPEC cuts, US-China trade talks Oil bounces back to bull market fueled by OPEC cuts, trade talks
Priscilla Morrison | 14 January, 2019, 05:26

Global markets were mixed Friday as investors cheered the Federal Reserve's more restrained stance and opted to view this week's U.S.

ASIA'S DAY: Japan's Nikkei 225 index advanced 1 percent to 20,359.70 and South Korea's Kospi was 0.6 percent higher at 2,075.57. Hong Kong's Hang Seng rose 0.4 percent to 26,633.47. Australia's S&P ASX 200 lost 0.4 percent to 5,774.60. Shares rose Taiwan, Singapore and Malaysia but fell in the Philippines.

At trading start on Thursday, oil prices were down around 1 percent as USA crude production endured at a record high level to keep a downward pressure on prices. But industrial companies rallied after USA negotiators said China had agreed to buy more energy and agricultural products and manufactured goods. The Shanghai Composite surged 0.7 percent to 2,553.83.

A clutch of Fed officials said on Wednesday they will wait to deliver more interest rate hikes so the central bank can further assess growing risks to an otherwise solid USA economic outlook. He echoed the tone of other Fed officials who were present at a meeting last month. A market-sensitive Fed is reassuring to investors who fear its tightening policies would send the USA economy into recession.

Following this week's midlevel discussions to resolve their trade concerns, the United States and China have agreed to move ahead with another round of negotiations at the end of January.

The pan-European STOXX 600 .STOXX benchmark was up 0.09 percent, bringing its weekly gain to 1.7 percent.MSCI's all-country index .MIWD00000PUS , was flat at 473.26.

"Amid easing trade tension and a weaker US dollar, crude oil prices rallied after Saudi Arabia reassured the market that its production cuts would remain in place", ANZ bank said on Thursday.

"Sentiment is greatly improved, and trade talk optimism has helped boost risk appetite", Jasper Lawler, head of research at London Capital Group, said in a note.

More news: Bus Driver's Dramatic Rescue Of Milwaukee Child Is Captured On Video

CHINESE ECONOMY: On Thursday, China released consumer and producer inflation figures that missed the mark.

U.S. Treasury yields last stood at 2.696 percent, down from 2.710 percent at the U.S. close on Wednesday.

Benchmark 10-year notes were last down 2/32 in price to yield 2.7225 percent after earlier rising to 2.747 percent, the highest since December 28. Slowing inflation is not a good sign, as it raises questions about the health of the world's second largest economy.

Crude oil's rally is starting to sweep away the pessimists.

International Brent crude futures were also down 1.3 percent, or 79 cents, at $60.65 per barrel.

West Texas Intermediate crude closed at $52.36/bbl, completing a 23% recovery since hitting an 18-month low on Christmas Eve.

Data released by the Energy Information Administration on Wednesday showed USA crude oil stockpiles fell by 1.7 million barrels in the week to January 4, compared with analysts' expectations for a decrease of 2.8 million barrel.

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