Crude Oil Nearing $50 Level, Strong Earnings Release from BP
February 3, 2015 7:00 am
Asian stocks sagged on Tuesday amid ongoing growth concerns, while the Australian dollar plumbed six-year lows after the Reserve Bank of Australia cut interest rates to a record low. U.S. stocks ended sharply higher on Monday after a late rally driven by hopes for a Greek debt deal and as energy shares bounced with oil prices. The Dow rose 196 points to close at 17,361. The S&P500 gained 25 points to close at 2,020.
The Euro stood steady at $1.1328 after gaining 0.5% overnight on hopes for a deal on Greek debt and poor U.S. economic data. The Dollar slipped 0.5% to 117.02 Yen, heading towards a two-week low of 116.64 overnight, weighed down as the Japanese currency rallied against the Aussie. The Aussie retreated to $0.7650, its lowest since May 2009. Suffering collateral damage, the New Zealand Dollar retreated to a four-year bottom of $0.7194.
U.S. crude oil was up 0.6% at $49.88 a barrel, having already surged more than 10% over the past two sessions as some investors bet that a bottom had been reached after a seven-month-long rout
Oil major BP beat profit expectations for the fourth quarter of 2014 while taking a $3.6bn impairment charge and cutting capital expenditures due to low oil prices. The stock was up 4% in early trade at 455p per share.
Asian stocks sagged on Tuesday amid ongoing growth concerns, while the Australian dollar plumbed six-year lows after the Reserve Bank of Australia cut interest rates to a record low. U.S. stocks ended sharply higher on Monday after a late rally driven by hopes for a Greek debt deal and as energy shares bounced with oil prices. The Dow rose 196 points to close at 17,361. The S&P500 gained 25 points to close at 2,020.
The Euro stood steady at $1.1328 after gaining 0.5% overnight on hopes for a deal on Greek debt and poor U.S. economic data. The Dollar slipped 0.5% to 117.02 Yen, heading towards a two-week low of 116.64 overnight, weighed down as the Japanese currency rallied against the Aussie. The Aussie retreated to $0.7650, its lowest since May 2009. Suffering collateral damage, the New Zealand Dollar retreated to a four-year bottom of $0.7194.
U.S. crude oil was up 0.6% at $49.88 a barrel, having already surged more than 10% over the past two sessions as some investors bet that a bottom had been reached after a seven-month-long rout
Oil major BP beat profit expectations for the fourth quarter of 2014 while taking a $3.6bn impairment charge and cutting capital expenditures due to low oil prices. The stock was up 4% in early trade at 455p per share.
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