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Oil prices fell as much as 4%

Valentin Lazarov
Market News

Stocks fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell.

The Dow Jones Industrial Average fell 122.35 points or 0.46% to 26307.79 with most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high. The 30-stock benchmark dropped as much as 249 points at its intraday low. The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.

Powell said Wednesday that recently low inflation pressures may just be “transitory,” hinting that a rate cut may not be on the horizon, which disappointed traders. Powell’s comments sparked a sudden sell-off in the previous session, with the Dow closing more than 150 points lower.

Oil prices fell as much as 4% on Thursday, breaking through a key support level, as rising U.S. crude stockpiles helped offset concerns about a supply crunch.

Crude futures declined despite a wave of geopolitical concerns, including political turmoil in Venezuela and the launch of new American measures aimed at driving Iran’s crude exports to zero.

U.S. West Texas Intermediate crude settled $1.81 lower at $61.81 on Thursday, tumbling 2.8% to its weakest closing price since April 1. WTI plunged 4% to a session low at $60.95 earlier in the session.

Gold prices slumped to an over four-month low on Thursday after the U.S. Federal Open Market Committee (FOMC) axed any hopes for a rate cut in the near term, subduing demand for the non-interest bearing bullion.

Spot gold was down 0.6% to $1,269 per ounce, after touching its lowest since end-December 2018 at $1,265.85 earlier in the session.

It is on track to post its biggest one-day percentage decline in over two weeks.

U.S. gold futures settled $12.20 lower at $1,272.




International Financial Markets Department

Euro-Finance Ltd.



*This material should not be considered as a recommendation for buying/selling securities.