TELETRADER News
3/8/2016, 8:02 AM (Source: TeleTrader)
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Crude falls amid profit taking

Participants in the oil market were cashing in on Tuesday, after prices of benchmark contracts spiked a day earlier and West Texas Intermediate charged above $38 a barrel while Brent finished above the $40 mark. The yen jumped with a drop in Japanese shares, pressing further on the value of currencies of Canada and Australia, economies which rely significantly on commodities exports.

The United Arab Emirates yesterday backed the initiative that both members and non-members of the Organization of the Petroleum Exporting Countries freeze output at levels from January. Media reports came out that representatives of major producers of crude look at $50 a barrel as target price. China imported 19.1% more oil in February than in the previous month and 24.5% more on the year, a record volume, but exports fell by more than a quarter from the level registered in the same month a year ago, official data showed today. Ecuador said representatives of oil producers from the region are meeting on Friday in Quito.

WTI dropped 1.55% to $37.43 a barrel at 7:43 a.m. CET. Meanwhile, Brent was down 1.29% at $40.3 a barrel, 11 cents above the session low. The yen rose 0.35% against the dollar at 8:00 a.m. CET. The Canadian dollar lost 0.73% and its Australian dollar was 0.97% in the red against the Japanese currency.

Baha Breaking News (BBN) / IT