Oil prices fell on Monday as the Greek debt crisis helped boost the dollar, making fuel more expensive to holders of other currencies, and as United Nations talks offered a chance for peace in Yemen where crude exporter Saudi Arabia is involved in a civil war.
Tags: Oil
Markets: Asian Markets Shows Remarkable Rise as Crude Oil Prices Increased Overnight
The rise of oil prices had brought positive growth to most of the Asian markets, except for Japan. On the other hand, European market had seen a drop. The oil prices increased overnight due to speculations that U.S Federal Reserve would possibly decide not to increase interest rates throughout 2016.
$40 Oil Price and its Impact on U.S Economy
Commodities such as oil is slowly declining following the Black Monday selling pressure on 24th August raising concern among investors regarding current world economics. China stock took a plunge and Dow Jones Industrial average hit its lowest value for 2015 on that day.
Interest rate hike could harm global economy - IMF
The International Monetary Fund raises concern about the potential fallout of a US rate hike this year. The fund says raising interest rates at this time puts the already fragile global economy at risk. "Monetary policy must stay accommodative to prevent real interest rates from rising prematurely," the IMF said Wednesday in a letter to top central bankers and finance ministers meeting in Turkey this week.
Oil drops on concerns of glut in refined products
Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.
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Oil fell nearly 3 percent on Wednesday as traders and investors ignored a fifth straight weekly decline in U.S. crude stockpiles to focus instead on a big build in distillates, including diesel, as the peak season for U.S. road travel gets under way.
European shares rose on Monday, helped by an almost five percent rally in Chinese stock markets and rumours of progress in Greece's debt talks that halted sales of the euro.
Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.
Oil prices fell by up to 3 percent for a second straight day on Wednesday as a resurgent dollar weighed on the market amid concerns that U.S. crude supplies may have started rising again after three weeks of draws.
Oil fell below $65 a barrel on Tuesday, pressured by the possibility that U.S. shale oil producers could increase drilling activity and by a stronger dollar.
Oil fell about 2 percent on Friday as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day run-up in crude prices.
Oil slipped on Monday as a rallying dollar and concerns of growing oversupply weighed on the market after Saudi Arabia reported its highest crude exports in nearly a decade.
German bond yields climbed on Tuesday on optimism that inflation may have bottomed in the euro zone, lifting demand for the euro, while volatility in global bond markets weighed on stock indexes.
Oil rose 3 percent on Tuesday, the most in three weeks, as a weak dollar lifted commodities denominated in the currency and OPEC raised slightly its forecast for world oil demand growth.
