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4/12/2016, 3:35 PM (Source: TeleTrader)
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Wall Street starts higher on increasing oil prices

Stock markets in the United States opened lower on Tuesday, following the latest report from the International Monetary Fund (IMF), which once again cut its estimate for the growth of the world economy, from 3.4% to 3.2% in 2016. The World Economic Outlook update also provides a bleaker growth estimate for 2017, which was put at 3.5%, also lowered from 3.6% posted in January.

"Relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries."

European markets were also trading significantly lower, with German DAX index sliding 2.72% before the opening bell on Wall Street.

The Dow Jones Industrial Average opened 0.12% higher at 17,576 points. Leading up: Chevron, United technologies, Apple. Pulling down: Cisco Systems, Boeing, the Travelers Company.

The wider S&P 500 index opened down 0.14% at 2,044 points. Energy sector is bursting: Chesapeake Energy Corporation shots up over 11%; Freeport-McMoRan, Marathon Oil, Murphy Oil. Losing side: Juniper Networks, L Brands, Fastenal.

The tech-laden Nasdaq 100 started up 0.13% at 4,464 points. Early advancers: Ctrip.com, Expedia Inc., Baidu Inc. Early decliners: Fastenal Company, Starbucks Corporation, Cisco Systems,

The U.S. light sweet crude West Texas Intermediate for May delivery traded 0.59% higher at $40.56 a barrel, and the referent international blend Brent for June delivery was contracted up 1.01% at 43.27 a barrel, both by 3:27 p.m. CET (9:27 a.m. EDT). The Organization of the Petroleum Exporting Countries reported its OPEC daily basket price of 13 crudes at $37.02 a barrel on Monday, compared with $36.01 the previous Friday.

The U.S. dollar index was up 0.11%, indicating strength of the currency. The greenback rose 0.20% against the euro, and fell 0.21% versus the U.K. sterling; it rose as much as 0.44% compared to the Japanese yen, and 0.13% against the Swiss franc by 3:39 p.m. CET (9:39 a.m. EDT).

Breaking the News / ZR