Oil Prices Surge by Around 25% Over the Weekend After US Output Data and OPEC Statement
September 1, 2015 6:17 am
Both US and Asian shares ended the previous sessions lower after worse than expected Chinese manufacturing data raised concerns over the strength of the world’s second largest economy. US Stocks posted their worst month since 2012 after comments from the Fed kept investors wary of a potential rate hike in the states as early as September. The Dow closed the month at 16,528, the S&P500 at 1,972; the former is now down by 7.27% for the year to date, while the latter is down by 4.21% YTD.
Within the FX space the Dollar dropped 0.4% against the Yen to 120.75. The Euro climbed 0.5% to $1.1269. The Australian dollar rose against the U.S. Dollar, adding about 0.2% to $0.7125 after the Reserve Bank of Australia held interest rates as expected.
Oil prices have come a long way since the start of the weekend, rising by around 25% all-in-all after evidence of falling US oil production and statements from OPEC suggesting some discussion of low prices. Even with today’s drops – U.S. crude slipped 3 percent to $47.71 a barrel, while Brent lost 2.9 percent to $52.60 a barrel – Brent is now back over the $50 mark, whilst US Crude is not that far away. Spot Gold was trading around the 1141 level.
More M&A activity in the gaming sector today after Bwin.Party Digital Entertainment said it has received a revised proposal from 888 Holdings, which it is evaluating along with the offer received from GVC Holdings and intends to consult with its shareholders in the coming days before making a decision. Both BWin and 888 stock opened lower, trading at 114p and 162p per share respectively.
Both US and Asian shares ended the previous sessions lower after worse than expected Chinese manufacturing data raised concerns over the strength of the world’s second largest economy. US Stocks posted their worst month since 2012 after comments from the Fed kept investors wary of a potential rate hike in the states as early as September. The Dow closed the month at 16,528, the S&P500 at 1,972; the former is now down by 7.27% for the year to date, while the latter is down by 4.21% YTD.
Within the FX space the Dollar dropped 0.4% against the Yen to 120.75. The Euro climbed 0.5% to $1.1269. The Australian dollar rose against the U.S. Dollar, adding about 0.2% to $0.7125 after the Reserve Bank of Australia held interest rates as expected.
Oil prices have come a long way since the start of the weekend, rising by around 25% all-in-all after evidence of falling US oil production and statements from OPEC suggesting some discussion of low prices. Even with today’s drops – U.S. crude slipped 3 percent to $47.71 a barrel, while Brent lost 2.9 percent to $52.60 a barrel – Brent is now back over the $50 mark, whilst US Crude is not that far away. Spot Gold was trading around the 1141 level.
More M&A activity in the gaming sector today after Bwin.Party Digital Entertainment said it has received a revised proposal from 888 Holdings, which it is evaluating along with the offer received from GVC Holdings and intends to consult with its shareholders in the coming days before making a decision. Both BWin and 888 stock opened lower, trading at 114p and 162p per share respectively.
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