Saturday, 26 May 2018
Latest news
Main » World stocks bask in U.S. jobs data glow

World stocks bask in U.S. jobs data glow

13 March 2018

US West Texas Intermediate (WTI) crude futures fell 27c to $61.77 a barrel.

"From a fundamental standpoint, that is a material concern as the US oil industry alone could push the global market back into a surplus, which was the reason behind the 2014-2015 bear market in oil", he said in a daily newsletter.

The Organisation of the Petroleum Exporting Countries (Opec), with a group of other producers led by Russian Federation, has been withholding production since the start of 2017 to prop up prices.

Meanwhile, data out Friday did show that hedge funds and money managers cut their bullish bets on US crude oil for the first time in three weeks. Brent LCOcv1 was last at $64.96, down 0.81 percent on the day. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.

More news: Drunk bride crashed vehicle en route to nuptials, cops say — WEDDING CRASHER

The US economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

Iran wants OPEC to work to keep oil prices around $60 a barrel to contain USA shale producers, Oil Minister Bijan Zanganeh told The Wall Street Journal in a rare interview, while Saudi Arabia has played down shale's ability to upset the market and has indicated $70 for oil is acceptable.

On Monday, benchmark 10-year notes US10YT=RR last rose 8/32 in price to yield 2.8663 percent, hovering near multi-year highs.

Increased supply did not quell demand for the US government debt, a positive sign for the heavy issuance expected in the year ahead. The OPEC deal is under threat, ING commodities strategist said, because USA crude supplies are displacing OPEC's. Contributions of 200 words or more will be considered for publication.

More news: WOMEN'S NCAA: UConn, Irish, Louisville, Miss St top seeds

USA stocks closed mixed. The contract climbed 3% to $65.49 on Friday.

Anwiti Bahuguna, a senior portfolio manager at Columbia Threadneedle in Boston, pointed to after-effects of Friday's employment report. "The deal will still officially be in place, but once we get into 2019 there's no chance that we will see some sort of deal".

The broader trend remained positive for Wall Street's main indexes, which had closed up almost 2 percent on Friday on the strength of the jobs report. But the trend began to reverse later in the day. The global benchmark traded at a $3.47 premium to May WTI.

MSCI's world equity index.MIWD00000PUS hit a two-week high on Monday, while Hong Kong's Hang Seng Index closed up 1.93 percent.

More news: NCAA Tournament: Florida State receives second straight berth