What a fantastic way to start the year with more bad news and poor sentiment. The oil future was threatening the $100 mark again causing DJIA to plunge 220.86 point on Wednesday (while Singaporeans were sleeping) to 13,043.96.
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US crude oil prices rose more than US$4 to US$100 a barrel due to violence in Opec members Nigeria and Algeria. On other hand, spot gold surged to US$859.30 an ounce - its highest since January 1980 when gold prices were fixed at a record US$850.
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STI close at 3,397.06 this evening, down by 64.16.
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Forbes Market Briefing
Oil Supplies In Focus
Evelyn M. Rusli, 01.03.08, 9:18 AM ET
After briefly touching the $100 mark, the price of oil remained near triple-digit territory on Thursday.
Wall Street will be looking out for the government’s oil inventory report, due out later today, which could show another drop in U.S. crude supplies. Tightening supplies, a weak dollar and political unrest in oil-rich Nigeria could lift oil to new highs. Black gold was at $99.85 in early trading.
Jobs will be in focus today: payroll firm ADP said the U.S. gained 40,000 jobs in December, versus a gain of 173,000 in November, while the government said jobless claims fell 21,000 to 336,000 last week, which was far better than expectations. But the holiday report may not accurately reflect the jobs picture, because many unemployment offices were closed for two days for Christmas.
With oil at all-time highs and the U.S. economy slowing down, global stocks tumbled.
Oil Supplies In Focus
Evelyn M. Rusli, 01.03.08, 9:18 AM ET
After briefly touching the $100 mark, the price of oil remained near triple-digit territory on Thursday.
Wall Street will be looking out for the government’s oil inventory report, due out later today, which could show another drop in U.S. crude supplies. Tightening supplies, a weak dollar and political unrest in oil-rich Nigeria could lift oil to new highs. Black gold was at $99.85 in early trading.
Jobs will be in focus today: payroll firm ADP said the U.S. gained 40,000 jobs in December, versus a gain of 173,000 in November, while the government said jobless claims fell 21,000 to 336,000 last week, which was far better than expectations. But the holiday report may not accurately reflect the jobs picture, because many unemployment offices were closed for two days for Christmas.
With oil at all-time highs and the U.S. economy slowing down, global stocks tumbled.
