Oil Prices Give Up Recent Gains, Rio Tinto Grapples With Commodities Fall-Out
February 27, 2015 7:39 am
Asian shares were mostly lower on Friday as a sharp overnight pullback in crude oil prices dampened risk appetite, while the Dollar was firm after upbeat U.S. data tilted expectations back toward an early interest rate hike by the Federal Reserve. The Nasdaq resumed its recent advance on Thursday after deal news in the technology sector, while the Dow and S&P 500 dipped as energy shares sank with oil prices. The Dow fell ten points to close at 18,214, the S&P500 lost 3 points to close at 2,110.
The Euro was up 0.1 percent at $1.1212, but still near the one-month low of $1.1184 plumbed overnight. The Dollar inched down 0.2 percent to 119.14 Yen after rising about 0.5 percent overnight from a low of 118.68.
U.S. crude oil posted a rebound and was up 1.8 percent at $49.05 a barrel after plunging 5.5 percent the previous day as rising U.S. inventories countered expectations for recovering demand. Brent crude rose 98 cents to $61.03 a barrel by 00:55 ET. U.S. crude was also up 91 cents at $49.08.
Within the equity space Rio Tinto said on Friday that in its latest moves to slash costs in response to weak commodity prices it was letting go its energy chief, rolling its coal and uranium businesses into two other units and cutting some other corporate jobs. The stock has opened up 0.5% lower trading at 3183p per share.
Asian shares were mostly lower on Friday as a sharp overnight pullback in crude oil prices dampened risk appetite, while the Dollar was firm after upbeat U.S. data tilted expectations back toward an early interest rate hike by the Federal Reserve. The Nasdaq resumed its recent advance on Thursday after deal news in the technology sector, while the Dow and S&P 500 dipped as energy shares sank with oil prices. The Dow fell ten points to close at 18,214, the S&P500 lost 3 points to close at 2,110.
The Euro was up 0.1 percent at $1.1212, but still near the one-month low of $1.1184 plumbed overnight. The Dollar inched down 0.2 percent to 119.14 Yen after rising about 0.5 percent overnight from a low of 118.68.
U.S. crude oil posted a rebound and was up 1.8 percent at $49.05 a barrel after plunging 5.5 percent the previous day as rising U.S. inventories countered expectations for recovering demand. Brent crude rose 98 cents to $61.03 a barrel by 00:55 ET. U.S. crude was also up 91 cents at $49.08.
Within the equity space Rio Tinto said on Friday that in its latest moves to slash costs in response to weak commodity prices it was letting go its energy chief, rolling its coal and uranium businesses into two other units and cutting some other corporate jobs. The stock has opened up 0.5% lower trading at 3183p per share.
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