Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group.
Oil tumbled along with broader markets as swelling U.S. crude stockpiles added to uncertainty over the economic impact of rising coronavirus cases worldwide.
Big gains for technology and health care companies helped US stocks set records again on Wednesday.
Oil stocks topped the FTSE 100 on Monday after non-Opec producers agreed to curb production to help buoy floundering crude prices.
Oil stocks were sliding on Monday after Saudi Arabia pulled out of a meeting with oil producers, raising questions over whether an output deal which could support floundering prices will be struck this week.
The UK’s blue-chip index plunged on opening as Donald Trump’s victory in the US presidential election spooked markets, before paring back losses.
The FTSE 100 made gains and sterling was flat as investors awaited a key government decision on airport runway expansion, and comments from Bank of England governor Mark Carney at the House of Lords.
General Electric Co. cut its 2016 forecast for organic sales growth as the industrial giant grapples with sluggish economic growth that is crimping demand for its products.
The pound has made muted gains and the FTSE 100 stayed in the red after fresh labour data showed the jobless total rising for the first time since the turn of the year.
Seadrill Ltd.’s billionaire chairman and largest shareholder, John Fredriksen, is willing to lend the rig company as much as $1.2 billion as part of a potential deal with banks and bondholders to restructure the biggest debt load in the offshore-drilling industry, two people familiar with the matter said.
Urals Energy said it has completed its acquisition of the entire share capital of Arctic Oil company.
Republican Presidential candidate has been revealed to have a number of stock investments In energy companies.
Torchlight Energy Resources said it has sold $1million in shares of convertible preferred stock to a group of investors led by a trio of companies.
Top flight shares fell in early afternoon trading, as heavyweight miners weighed on the London market.
Oil’s longest rally this year faltered on signs industrial activity in the world’s biggest energy consumer is deteriorating and as OPEC pumps a record amount of crude. Futures lost as much as 2.5 percent in New York to snap a four-day advance. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month.
Stock markets once again sunk deep into the red after a renewed slump in the price of oil saw investors head for the exit.
Asian stock markets sank on Tuesday, led by a plunge in the Shanghai index, after a renewed slump in the price of oil kept investors on edge about the global economy.
EMGS (Electromagnetic Geoservices) has sold more than 11million shares in North Energy.
Energy’s drag on Canadian stocks showed no signs of abating as the nation’s benchmark equity gauge slumped a ninth straight day, the longest losing streak since 2002. Canadian equities have lost 7.2 percent during this period with the Standard & Poor’s/TSX Composite Index failing to post a positive trading day in 2016. Crude futures in New York approached a 12-year low, falling as much as 2.8 percent in New York to $32.24 a barrel.
The London market has continued its slump, following on from sharp falls in the previous session. The FTSE 100 Index was down 68.5 points at 6110.1 after tumbling more than 100 points yesterday weighed by engine-maker Rolls-Royce and mining stocks. London was also lower after markets in New York and Asia fell sharply overnight.
The London market opened lower this morning dragged lower by oil and mining stocks. The FTSE 100 Index was 20.1 points down at 6424.9, as investors cheer over economic news from China and the European Union at the end of last week faded. On Friday stocks rose after China cut its key interest rate for the sixth time this year, falling by 0.25% to 4.35%, in the hope this will spur growth as the country tries to reduce its reliance on construction and heavy industry.
More than $200 billion worth of oil and natural gas assets are for sale globally as companies come under renewed financial pressure from the prolonged commodity price rout, according to IHS Inc.
Chinese stocks have tumbled again after their biggest decline in eight years while most other Asian markets rebounded from a day of heavy losses. The mixed picture comes after a tumultuous day on Wall Street, where the Dow Jones industrial average ended down 3.6% after trimming much bigger losses. European markets were also hit badly. Analysts said it was unclear whether this was a sign the worst was over, or a reprieve in a longer-term bear market.
Bonds in Asia declined as speculation US interest rates will be raised as soon as next month underpinned the dollar. Copper and gold fell as shares in the region were mixed. Crude oil rallied. The Bloomberg Dollar Spot Index extended gains at a four- month high, up 0.2 percent by 1:52 p.m. in Tokyo, as yields on 10-year debt from New Zealand to Japan climbed. Oil rose a second day, continuing its recovery from Monday’s rout, while copper resumed losses with gold. The MSCI Asia Pacific Index dipped 0.2 percent as US index futures increased 0.2 percent after Apple Inc. drove equity losses Tuesday. Traders boosted bets on a September rate hike in the US after Federal Reserve Bank of Atlanta chief Dennis Lockhart said he would only endorse putting it off should there be a significant deterioration in economic data. Oil’s rebound steadied commodity markets, quelling losses among energy and mining stocks ahead of a swag of services industry data from China to Japan and the US Thailand is projected to keep benchmark borrowing costs unchanged at a review Wednesday.
State-controlled oil producer Petroleo Brasileiro SA pared the weekly advance of the Ibovespa stock index as a decline in crude dimmed the prospects for the company’s offshore investments. Petrobras slipped to a one-week low Friday as the raw material fell toward $50 a barrel in New York. The oil driller, which is at the center of Brazil’s unprecedented corruption probe and accounts for about 10 percent of the benchmark stock index’s weighting, has said investments in offshore production are economically viable with crude above $45.