[AP] - Oil prices jumped to fresh 30-month highs above $108 a barrel Monday as the conflict in Libya extended market concerns about supply risks and signs of a recovering U.S. jobs market bolstered optimism that global crude demand will strengthen.
TOKYO: Asian stock markets rose to their highest level in more than four months on Thursday, helped by optimism in the global banking sector and hopes of stabilisation in the Chinese economy after solid trade data. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent while Japan's Nikkei gained 2.0 percent. Overnight, U.S. S&P 500 Index gained 1 percent to a four-month high after JPMorgan Chase's first quarter earnings fell less than expected, helping to lift the S&P 500 financial sector 2.2 percent.
TOKYO: Asian shares hovered close to 5-1/2-month highs on Thursday as oil prices showed surprising resilience partly on hopes that oil producers may eventually agree on a measure to ease a global glut. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent while Japan's Nikkei gained 2.0 percent. Wall Street shares ended less than 2 percent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports. The S&P 500 gained 0.08 percent to 2,102.4, and up 15 percent since mid-February.
NEW YORK: Oil prices hit 2016 highs on Thursday, with US crude piercing the $40 psychological barrier, on optimism that major producers will strike an output freeze deal next month amid soaring gasoline demand in the United States. A weaker dollar after a Federal Reserve policy decision on Wednesday that indicated two US rate hikes this year instead of four also drew oil buyers using currencies such as the euro.
TOKYO: Asian shares hovered close to 5-1/2-month highs on Thursday as oil prices showed surprising resilience partly on hopes that oil producers may eventually agree on a measure to ease a global glut. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent while Japan's Nikkei gained 2.0 per cent. Wall Street shares ended less than 2 per cent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports. The S&P 500 gained 0.08 per cent to 2,102.4, and up 15 per cent since mid-February.
By Naveen Mathur The allure for crude oil is back, as Brent is up more than 36 per cent since it hit a low of around $27 a barrel on February 11, while its US counterpart, WTI, is up about 46 per cent over the same period. On the MCX, oil prices have risen by around 38.07 per cent in the same time frame. The rally in oil prices has been caused by a combination of factors such as increased optimism that prices may have bottomed out, a fall in crude inventories and good economic data from the United States.
NEW YORK: The dollar pared gains after hitting an 8-1/2-month high against major currencies on Monday, while the prospect of further European Central Bank stimulus dragged the euro, and oil futures fell on worries about a growing supply glut. Global stock markets were mixed, with Wall Street ending the session lower ahead of a crucial payroll report Friday, while European shares finished higher. The three major US indexes ended November higher for a second straight month.
Canadian oil sands production could “easily” surge by an additional one million barrels per day if key pipeline projects are approved, according to the International Energy Agency.
The IEA’s latest annual report, published Tuesday, expects Canada’s oil production to rise to 5.7 million barrels per day by 2030, but believes some oil sands development may hinge on market access.
World oil prices swung higher on Thursday as the euro gained on hopes Greece's debt swap would be successful, with tensions over Iran also supporting the crude market, analysts said.New York's main contract, light sweet crude for delivery in April, added 76 cents to $106.92 a barrel.Brent North Sea crude for April won $1.19 to $125.31 in London morning trade.Prices rallied, in line with global stock markets, on mounting optimism that Greece's debt swap would be successful and after strong US jobs data.