The US gauge crude price dropped below $45 and almost $60 since June 2014. According to Goldman Sachs Group Inc. the West Texas Intermediate should control the price near $40 during the first month of 2015 to curb investments in new reserves that could provoke the surplus. Meanwhile, prices could decline further, checking whether the US shale drillers could continue
Oil prices continued to decrease since US crude production advanced, strengthening the fears that global supply excess may resume. Futures tumbled 1.8% while the output soared to 9.19 million barrels a day, showing the fastest growth since January 1983. Crude price may drop below the forecasts of $39 per barrel. Meanwhile, Oil slipped almost 50% last year, for the first
On Wednesday oil futures hit a nearly six-year low amid concerns over the worsening situation of the supply glut. Futures for February slid 65 cents to $45.25 per barrel, compared to a day earlier, when futures hit a six-year low of $44.20. Brent crude dropped by almost 60% since summer and global growth is now expected at a lower level
On Wednesday gold slumped, leaving its 12-week high, as investors sold their gold positions due to weakening oil and copper prices. Futures for February declined $6.70 to $1,227.70 per troy ounce, compared to $1,234.40 on Tuesday.In 2014 the precious metal lost almost 2% due to strong US economic recovery forcing the Fed to rise interest rates sooner than expected, thus
The Euro declined to a nine-year low versus the US Dollar amid investor fears of ECB implementing an aggressive incentive plan in order to boost the Euro zone's economy. It was stated by an ECB member that due to a risk of deflation policymakers should act fast. As a result, the price of the Euro slid to $1.1754, the new
The Sterling weakened for the first in five days against the Euro, since inflation in UK dropped to less than 1% previous month for the first since 2002. The UK currency depreciated 0.2% to 78.18 pence versus the Euro at 9:50 a.m. in London after reaching 0.6% in previous four days. Moreover, the Pound fell 0.5% to $1.5092, after touching
The Euro approached toward the lowest level in nine years against the Dollar amid speculations ECB will start government-bond purchase program. The Euro fell 0.3% to $1.1799 as of 10:25 a.m. London time after touching $1.1754 on January 8, the lowest since 2005. However, the shared currency almost unchanged at 139.89 versus the Yen.
Oil continued to fall, breaching the $45 per barrel level, due to speculation that US stockpiles will rise, aggravating global supply glut, which drove prices to the lowest point in more than five and a half years. Oil futures declined 4%, declining for three consecutive days, as OPEC continues to expand output. During 2014 oil slid approximately 50%, the highest
Industrial output in Italy added more than expected, thus, stimulating optimisms that Italian economy may start to recover from the record long recession. Production rose 0.3% from the point, when it stalled in October, national statistics office stated in Rome today. Output dropped 1.8% from previous year.
UK inflation rate dropped to the weakest level in almost fifteen years previous month. Consumer price growth fell from 1% to 0.5% in November, the weakest since 2007, and a separate report estimated a leading inflation indicator slumped to the lowest in five years. Supermarket price wars and oil prices collapse are driving the sharp drop in UK inflation.
Prices for copper declined on Tuesday, falling to the lowest level in the past five years amid the world's largest copper consumer, China, failing to boost sentiment after the trade data release. Copper futures for March hit a low of $2.676 per pound, the lowest since 2009, afterwards trading at $2.680. On the previous day copper slid 2.9 cents and
On Tuesday gold reached a new 12-week high due to investors looking for a safe heaven from losses in the oil market. Futures for February hit a high of $1,244.30 per troy ounce, the highest since October 2014. During the European morning trade time gold futures settled at $1,241.60 per troy ounce, compared to $1,232.80 a day before. Gold received
On Tuesday the US Dollar dropped to a three-week low versus the Japanese Yen as worries over a decline in the oil prices and its impact on the global economy boosted safe haven demand. USD/JPY reached a low of 117.74, the weakest since December 17, rebounding later to 118.39. The Yen received an extra push after Japan's Nikkei ended Jan
Japan's government affirmed the 96.34 trillion yen budget for the next 12 months with the aim to revive the shrinking economy following an increase in the sales tax. At the same time, the government is going to decrease the corporate taxes by 3.29% during the next two years. Meanwhile, tax revenue for the budget year is expected to grow to
US stocks tumbled, as the Standard&Poor's 500 Index showed first weekly decline since October. The market sold off crude oil, which in turn pushed down the energy stocks before the corporate earnings were announced. As a result, the energy sector tumbled 3%, and Brent crude gave up 4.6%. The S&P 500 slipped 0.8% to 2,027.66, while the Dow Jones Industrial
The Pound reached to its lowest in 18 months against the Dollar amid slowing inflation prospect boosted the Bank of England not to raise interest rates from a record low position. The Pound dropped 0.1% to $1.5148 in London after touching $1.5035 on January 8, the lowest since 2013. However, the Sterling added 0.3% to 77.91 pence versus the Euro.
Brazil's Real declined from the highest level in one month, when the survey showed the Central Bank lowered its growth prognoses for Brazil's economy. The currency fell for the first in five days, losing 0.3% to 2.6397 against the Dollar. Analysts reduced their estimation for Brazil's economic development in 2015 from 0.5% to 0.4%.
The Euro retreated versus the Dollar, almost touching a nine-year low, amid speculation the data releases this week may encourage the ECB to start sovereign-bond purchase programme. The common currency fell 0.3% to $1.1802 in New York, while it added 0.3% to 140.75 against the Yen. Meanwhile, the US Dollar appreciated 0.6% to 119.23 versus the Yen.
Oil dropped to the weakest level in almost six years. Meanwhile, Goldman Sachs cut its price forecasts and Venezuela attempted to encourage OPEC member countries to support the price of oil. The commodity fell almost 50% previous year, the biggest drop since the financial crisis in 2008, and Brent crude for February delivery slumped to $48.45 a barrel and traded
In the US prices for gasoline dropped to a new low in five years, with drivers paying $2.2021 per gallon on the average last week. By January 9 prices declined 26.92 cents during the past three weeks and are $1.14 per gallon lower than a year ago. Crude oil prices falling below $50 was the main reason for the slump
On Monday copper traded close to the five-year low, as concerns over weak global demand put pressure on the red metal. Futures for March delivery slid 0.4 cents to $2.751 per pound after hitting a low of $2.741, unseen since 2009, amid Chinese producer price inflation declining the most in a two-year period. Strong greenback cut demand for raw materials
On Monday the Pound declined versus the US Dollar close to an 18-month low, hitting $1.5099. Demand for the Greenback was quite strong, in spite of pale US average hourly earnings data. The earnings declined 0.2% during December and were only 1.7% higher relative to the previous year. At the same time, the UK currency found support amid the upbeat manufacturing production
On Monday the US Dollar weakened versus the Euro amid the latest US labour market report. EUR/USD rose to 1.1852, compared to last Thursday's nine-year low. 252 thousand new jobs were added to the US economy in December, and the unemployment fell down to a 6.5 year low of 5.6%. Meanwhile, the Euro zone is on the verge of deflation,
Gold reached a one-month high amid speculation that the Fed is not rushing to rise interest rates, thus weakening the US Dollar and increasing precious metal demand. Gold for immediate delivery gained 0.7% to $1,231.29 per ounce, while the futures for February added 1.3% to $1,231.30 per ounce, the highs not seen since December 11.