Daily Archives: March 19, 2016

19Mar
PalmOil

Crude prices fall from 2016 highs as US oil rig count rises

NEW YORK:

  • Crude oil prices settled lower on Friday after the U.S rig count rose for the first time since December, renewing worries of a supply glut after an output freeze proposal helped boost the market to 2016 highs and multi-week gains.
  • U.S. energy firms this week added one oil rig after 12 weeks of cuts, according to data by industry firm Baker Hughes. The addition, coming after oil rigs had fallen by two-thirds over the past year to 2009 lows, showed crude drilling picking up again after a 50 percent price rally since February.
  •  “The rig count and crude prices have a direct relationship for sure,” said Pete Donovan, broker at Liquidity Energy in New York.
  • Brent crude finished down 34 cents, or 0.8 percent, at $41.20 a barrel, having risen $1 earlier to a 2016 high of $42.54.
  • U.S. crude settled down 76 cents, or 1.9 percent, at $39.44, after also gaining $1 to a year high of $41.20. It continued to fall in post-settlement trade, losing nearly $1.
  • Despite the retreat, oil posted multi-week gains, with Brent up for a fourth straight week and U.S. crude a fifth week in a row. Both benchmarks rose about 2 percent this week.

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19Mar
sgx-asx

S&P 500 turns positive for 2016 as recession fears fade

NEW YORK:

  • The S&P 500 closed positive for the year on Friday for the first time in 2016 as the U.S. Federal Reserve’s dovish tone and a strengthening economic outlook compelled investors to take on more risk.
  • In part, the rally was a continued reaction to the Fed’s move on Wednesday, in which it scaled back expectations for the number of rate hikes in the coming months. Major indexes gained for five weeks in a row and the Dow closed higher every day this week.
  • “It was a huge gift to the market,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “I think the market was bracing for a more hawkish view.”
  • The Dow Jones industrial average closed positive for the year for the first time in 2016 on Thursday.
  • Following the Fed move, the dollar weakened and drove up commodity prices. Oil rose above $42 a barrel.
  • “People are realizing that this means a weaker dollar and that should benefit a lot of the stocks in the S&P and Dow, stocks with lots of exposure overseas,” said Kim Forrest, research analyst at Fort Pitt Capital Group in Pittsburgh.
  • Crude oil dipped on Friday as traders booked profits after strong seasonal demand and the U.S oil rig count rose for the first time since December.

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