Market Pulse - Commodities
US oil futures hit 2009 lows as slide in prices resumes
Oil futures continued to slide lower on Monday, slipping below key levels of technical support, after Iran reiterated its intention to increase its supplies to the market in a bid to recover market share lost after economic sanctions were imposed on Tehran.
Commodities: Oil price drops to seven-year low
Oil futures registered further declines with Brent slipping to a seven-year low on Friday, after the International Energy Agency (IEA) suggested a demand correction was likely next year.
Commodities: Oil price decline continues, metals slip lower
Oil futures tumbled further with OPEC confirming on Thursday its production for November stood at 31. 7m barrels per day, well above its published quota cap of 30m bpd.
OECD oil stocks will continue growing in 2016, IEA says, oil slips
Commercial oil stocks in the world’s major economies will continue to grow in 2016, albeit much more slowly, the rich-world’s oil watchdog said in a closely watched report, adding to the selling pressure on oil futures.
Sacking of South African finance minister sends rand to 1971 lows
South Africa’s president on Wednesday evening fired the country’s finance minister, Nhlanhla Nene, a decision that weighed on financial assets from the country, including shares of London-listed Old Mutual and Investec.
Commodities: Oil tumbles, metal futures see further upticks
Metal futures saw further upticks on Wednesday, over a less volatile session despite unconvincing macroeconomic data but oil benchmarks continued to slide further.
Commodities: Oil, copper futures in tepid recovery
Oil futures endured a volatile Tuesday, after OPEC rolled over its crude production level, last set at 30m barrels per day, following the conclusion of its oil ministers' summit in Vienna, Austria late last week.
West Texas crude futures continue to slide
The US benchmark for crude oil slipped lower early on Tuesday afternoon, returning it to its lowest levels since 2009.
Commodities: Oil plunges on OPEC stalemate, metals continue to struggle
Oil benchmarks headed lower on Monday, after OPEC rolled over its crude production level, which was last set at 30m barrels per day, but declined to offer an exact figure at the conclusion of its oil ministers' summit in Vienna, Austria late last week.
Venezuela's Maduro concedes National Assembly defeat
Venezuela’s President Nicholas Maduro has conceded defeat to the opposition centrist and conservative alliance in elections for the country’s National assembly, ending 16 years of dominance by his Socialist Party.
Glencore set to outperform, Macquarie says
Management at Glencore would not waste the chance to reassure investors about its ability to safeguard its credit metrics at its next investor update, analysts at Macquarie said.
Sovereign Wealth Funds pull money from asset managers at record pace
The drop in commodity prices forced sovereign wealth funds to raid their piggy banks, by dipping into their funds at asset managers at a record pace.
OPEC 'rolls over' 30m bpd quota, welcomes back Indonesia
The Organization of Petroleum Exporting Countries rolled over its oil production level, which was last set at 30m barrels per day, but declined to offer an exact figure on Friday, at the conclusion of its oil ministers' summit in Vienna, Austria.
OPEC (Update): Oil market pricing in 'no quota change' scenario, ministers' decision delayed
Oil markets are pricing in a 'no change scenario' in terms of OPEC's production, with the 12 member producers’ collective poised to confirm this later on Friday.
OPEC: Oil market pricing in 'no quota change', ministers send conflicting signals
Oil markets are pricing in a no change scenario in terms of OPEC's production, with the 12 member producers’ collective poised to confirm this later on Friday, despite internal differences.
Commodities: Oil futures remain at six-year lows ahead of OPEC meeting
Oil benchmarks continued to lurk near six-year lows on Thursday, ahead of the OPEC ministers meeting in Vienna, Austria, while metals extended losses for much of the afternoon.
Risk/reward favours being long euro/dollar going into the ECB, warns trader
European Central Bank president Mario Draghi has solid credentials in his favour when it comes to surprising markets and triggering moves in the single currency, but things might be different this time around, a trader warned on Thursday.
Saudi Arabia could propose 2016 output cut with conditions, report says
Saudi Arabia may table a proposal for an eventual cut to oil production if non-OPEC members and Iran participate.
Commodities: Oil slides towards six-year low ahead of OPEC meeting
Oil benchmarks slipped towards six-year lows on Wednesday, ahead of the OPEC meeting later this week, while metals saw lacklustre trading following two days of upticks.
Turkish prime minister will step down if reports of oil smuggling with Daesh true
Turkish prime minister Recep Tayyip Erdogan said he would step down if it were proven that his country has been purchasing oil from Daesh.