LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil dips amid rout in stocks, bonds; dollar gains

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Feb 07, 2018
12:34 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil fell for a third day on Tuesday as the U.S. dollar rose to its highest in more than a week in the wake of a sharp sell-off on Wall Street and other stock markets, a global rout that wiped out $4 trillion in value.

The crude market remained in positive territory so far this year, even after Wall Street stocks on Monday posted their largest one-day fall since late 2011.

Brent crude futures were down 60 cents at $67.02 a barrel at 1:38 p.m. EST (1838 GMT). U.S. crude futures were 42 cents lower at $63.73.

Gasoline margins were at the lowest since mid-December, down more than 8 percent and headed for the biggest daily percentage decline since Jan 2.

The benchmark U.S. stock index, the S&P 500 has lost 8 percent since it hit a record high on Jan. 26. Oil has shed 4.9 percent.

U.S. stocks rebounded in volatile midday trading after starting the session 2 percent lower.

"It`s been tough to get a read on crude with everything going on in the equities market today," said John Macaluso, analyst at Tyche Capital Advisors in New York.

Oil`s inverse relationship to the dollar, whereby a stronger currency makes it more expensive for non-U.S. investors to buy dollar-denominated assets, has reasserted itself this week, with the greenback up 1 percent since Feb. 1. [.DXY]

One factor that has lent support to oil prices is the structure of the forward curve. The prompt futures contract is trading well above those for delivery further in the future.

"With the equities sell-off Friday and Monday crude has proved to be relatively resilient in the face of these headwinds," said John Saucer, vice president of research and analytics at Mobius Risk Group in Houston.

Oil prices have been supported by a 1.8 million barrels per day (bpd) cut in supply by the Organization of the Petroleum Exporting Countries and Russia.[EIA/S] [OPEC/O] [RIG/U]

Still, rising U.S. supply has pressured oil prices. The U.S. Energy Information Administration said on Tuesday it expects domestic crude oil production in 2018 to rise by 1.26 million barrels per day (bpd) to 10.59 million bpd this year. Last month, it expected a 970,000 bpd year-over-year increase to 10.27 million bpd.

A preliminary poll by Reuters showed analysts expected weekly data to show that U.S. crude inventories last week rose for a second straight week. [EIA/S]

Industry group the American Petroleum Institute will issue its data on stocks on at 4:30 p.m. EST, followed by official figures from the U.S. Energy Department on Wednesday morning.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Gland Pharma share price: Sharekhan initiates Buy recommendation - price target of Rs 3040

Redmi Note 10 series India launch: Check first look, key specs and other details here

WhatsApp Mute Video feature: You just cannot afford to miss out on this

Heranba IPO allotment status: Finalisation date, direct BSE link to check share subscription

Indian Army Recruitment 2021: Apply for Technical Graduate Course on joinindianarmy.nic.in—Check age limit, last date, how to apply and more

Spotify suspends music streaming service of K-pop

Samsung Galaxy M12 with 48MP quad camera, MASSIVE 6000mAh Battery set to launch in India: Check Date, Timings, Specs and other details NOW!

PUBG Mobile Lite Season 22 Update: Check release date, timings, APK download link and MORE!

CG Police Recruitment 2021: Chhattisgarh DEF Constable result decaled on cgpolice.gov.in —Download it this way

LPG cylinder price, petrol, diesel prices to this SBI norm - 5 rules that changed from today - March 1, 2021

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved