The Russian ruble dropped to a new all-time low against the U.S. dollar on Friday while other oil-related currencies also got crushed a day after the Organization of the Petroleum Exporting Countries did nothing to alleviate an oil glut.
Oil futures on Friday settled at their lowest in five years as the Organization of the Petroleum Exporting Countries’ decision to keep crude production the same heightened fears that the existing glut in the oil market would persist.
January platinum PLF5, -2.31% fell $17, or 1.4%, to $1,211.30 an ounce, while March palladium PAZ4, +0.98% the most actively traded contract for the metal, rose $10.80, or 1.3%, to $813.30 an ounce.
Gold prices took a dive on Friday as the market geared up for what could be the metal’s own OPEC moment — when Switzerland will vote on whether its central bank should hold more gold and bring back its other gold reserves held in places like Canada and the U.K.
SINGAPORE shares ended higher on Friday with the Straits Times Index gaining 9.54 points to 3,350.50.
The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target.
In the energy complex, gasoline RBF5, -5.80% for January tanked 5.6% to $1.90 a gallon, while heating oil for the same month HOF5, -4.51% slid 4.4% to $2.22 a gallon.
Crude oil prices sank to a four-and-a-half year low on Thursday, on news that OPEC has kept its production levels unchanged. Hopes for a cut in output had all but faded after a Saudi Arabian oil minister’s comments a day prior.
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Asian markets mostly fell Friday, with energy firms taking a dive as oil sat at four-year lows after the Opec cartel ignored calls to cut production in response to plunging prices and a supply glut.
SINGAPORE share prices opened higher on Friday with the Straits Times Index up 4.33 points to 3,345.29.
SINGAPORE shares ended lower on Thursday with the Straits Times Index slipping 8.70 points to 3,340.96.
Samsung Electronics Co. said it would repurchase $2 billion worth of its shares, its first buyback in seven years, as it deploys a part of its hefty cash reserve to shore up its flagging share price.
The S&P 500 and Dow Jones Industrial Average ended slightly higher on Wednesday, scoring their 47th and 30th record closes this year, respectively.
The ICE U.S. Dollar Index extended its losses Wednesday after a stream of weak economic data released over the past two days implied that U.S. economic growth won’t be as strong in the fourth quarter as it was in the third.
Nymex reformulated gasoline blendstock for January RBF5, -1.98% — the benchmark gasoline contract — ended little changed at $2.01 a gallon. January natural gas NGF15, -0.25% lost 4 cents to $4.36 per million British thermal units.Crude-oil futures extended their slide Wednesday, ending at a four-year low on expectations the Organization of the Petroleum Exporting Countries won’t move to significantly cut oil production.
Metals trading on Wednesday, January platinum PLF5, -0.84% settled higher by $3.90, or 0.3%, at $1,228.40 an ounce, while December palladium PAZ4, +0.10% finished up by $6, or nearly 0.8%, at $801.60 an ounce. Gold prices edged down Wednesday in muted, pre-Thanksgiving trade, catching their breath after a solid advance so far this month.
Asian stocks were mixed in lacklustre trade Thursday, while oil prices extended their losses ahead of a pivotal OPEC meeting expected to maintain the cartel's production levels despite a huge glut.SINGAPORE share prices opened flat on Thursday with the Straits Times Index down 2.15 points to 3,347.51.
SINGAPORE shares ended higher on Wednesday with the Straits Times Index gaining 4.67 points to 3,349.66.
Surprisingly weak consumer confidence data pushed the dollar lower against the yen, euro and pound Tuesday as investors worried that consumers might be tamping down spending ahead of the holiday shopping season.
January natural gas NGF15, +0.07% erased an earlier decline to rise nearly 11 cents, or 2.4%, to $4.409 per million British thermal units, on forecasts for colder U.S. weather.Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week.
Platinum PLF5, -0.39% was down $19.80, or 1.61%, to $1,208 and Palladium PAH5, -0.39% was off about 0.6% , or $4.80, to trade at $789.75.Gold futures settled slightly higher Tuesday, yet couldn’t hold its price above the $1,200 level that many traders have watched carefully.
SINGAPORE shares ended higher on Tuesday with the Straits Times Index gaining 4.46 points to 3,344.99.The S&P 500 and Dow Jones Industrial Average closed at record levels on Monday, but it was the small-caps and the Nasdaq Composite who stole the show.The dollar moved higher against the yen Monday after falling for two consecutive sessions, as investors prepared for the release of minutes from October’s Bank of Japan meeting Monday evening.