Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat
Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat
30 May, 2017, 03:55
Norfolk Southern (NSC) and United Continental (UAL) posted notable gains. British stock markets bucked the downward trend and hit record highs.
OPEC's cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy revenues.
Gold prices held steady after dipping slightly earlier in the session on Friday as Asian stocks eased following an extension of output curbs by OPEC and other producing nations that left investors hoping for bigger cuts disappointed. Hong Kong's Hang Seng was almost unchanged at 25,639.27 and the Shanghai Composite index in mainland China climbed ended less than 0.1 percent higher at 3,110.06.
CURRENCIES: The dollar rose to 111.83 yen from 111.50 yen. The euro rose to $1.1219 from $1.1209.
Instead, global oil markets shrugged off the expected news and tumbled.
The aussie extended losses against the greenback to reach a low of $0.7421 on the back of lower Dalian iron ore prices, a key export for Australia. A further 8 U.S. oil rigs were added last week, bringing the total count up to 720, the most since April 2015, and it is very likely this trend will continue at current oil prices. Overall Japan's Nikkei closed 0.6 percent lower. Dow futures gained 0.3 percent to 21,049.00 and broader S&P 500 futures added 0.2 percent to 2,407.10. USA gold futures gained 0.1% to $1,257.2%.
Australian shares closed lower for the first time in three days in a broad-based sell off.
Oil stocks declined after crude oil prices fell overnight.
Prices edged higher by 0.35% to $48.88 in early trading on Friday.
The extension was teased out more than a week ago when it was proposed first by Saudi Arabia and Russian Federation, the largest contributor to the production cut that's not a member of the Organization of Petroleum Exporting Countries. Equatorial Guinea's share of production cuts over the last six months is 12,000 barrels per day.
The first opinion poll since a suicide bombing killed 22 people indicated Britain's opposition Labour Party had cut the Conservative Party's lead to five points with less than a fortnight to go to the parliamentary election.
The loonie with high correlation to crude prices and a dependancy on exports to the USA will be caught between the energy production fight between the U.S. and OPEC.
JAPAN PRICES: Inflation ticked up to a two-year high last month on rising energy costs, according to the latest official data.
Economists had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.
Commerzbank cited data from the US Department of Energy saying US production was roughly 540,000 barrels per day higher in mid-May than at the start of the year.
Excluding a drop in orders for transportation equipment, durable goods orders still fell by 0.4 percent in April after climbing by 0.8 percent in March.
On the other side of the ice, the Predators are built from the back end out. "I think it will be hardest challenge in my life". Both grew up south of Boston - Sullivan in Marshfield, Mass., about an hour away from Laviolette's hometown of Franklin.
Ashraf Sultan, Egyptian parliament spokesman, told Sky News Arabia , "This is an attack on the entire society and affects us all". Saturday's bombing raid targeted militant training camps which the Egyptian authorities claim were used by the gunmen.
The tradition of wearing red poppies on Memorial Day was inspired by the 1915 poem "In Flanders Fields" by John McCrea. Assembly member Matthew Harper is the keynote speaker at a Memorial Day ceremony planned for 11 a.m.
He had been suffering from Alzheimer's. "But we had so many laughs and so much fun together over the years". His family said in a statement: " John Noakes , died peacefully on Sunday morning May 28th".
The stock was acquired at an average cost of GBX 526 ($6.84) per share, for a total transaction of £37,314.44 ($48,542.27). Its portfolio covers a range of categories, including table service, counter service, sandwich shops, pubs and bars.
A number of foreign militants have had a presence in the southern Philippines for decades, including some of Asia's most-wanted. He said the plan was aborted when government troops and the police forces raided the militants hideout last week.
The 14 time professional golf victor was away from the PGA Tour as he has been recovering from his fourth back surgery. Recall that Woods and his then-wife Nordegren divorced in August 2010, months after he was caught cheating on her.
Revelations of multiple marital infidelities caused his wife, Elin Nordegren, to file for divorce in 2010. Woods has finished just a dozen events since the beginning of 2015 and dropped to No. 876 in the world.
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During the award ceremony, the 30-year-old delivered a heartwarming speech while accepting the trophy for Top Billboard 200 Album. When Cher got on stage even the most famous of famous celebrities couldn't help but become fans as Cher belted out her lyrics.
Almost 2,000 houses have suffered structural damage or been completely destroyed, according to official figures. The meteorological department said Friday's rain ended a prolonged drought that had threatened agriculture.
Manchester police arrest man, 25, in bomb probe
A 23-year-old was held in the small seaside town on suspicion of terror offences in the early hours of Monday morning, GMP said. Prime Minister Theresa May made the announcement after leading a meeting of the government's emergency committee Cobra.
MC-21: Russia's new passenger aircraft
The program was launched in 2007 and is headed by Irkut , a subsidiary of Russia's United Aircraft Corporation . New-generation engines feature reduced fuel consumption, low noise and hazardous emissions.
Panik homers as Giants beat Lackey, Cubs 6-4
The Giants and Cubs continue their four-game set at Wrigley Field with a rematch of Game 1 in last year's NL Division Series. Panik, Belt and Ruggiano each hit their home runs with the bases empty, which has become either their fashion or fetish.
Golf legend Tiger Woods arrested in Florida
Woods said in a blog post published Wednesday that "it was instant nerve relief". "I am concentrating on short-term goals". Woods hasn't won a major since 2008, when he won the US Open in sudden death over Rocco Mediate.
Tiger Woods arrested on suspicion of DUI
His then-wife, Elin Nordegren, had thrown a golf club at the auto after discovering text messages on his phone from a lover. Smith said he believes Woods' troubles began in November 2009, when his extramarital affairs became public knowledge.
Richmond mayor on trooper shooting: 'I am heartbroken'
Terry McAuliffe says Virginia will forever be grateful for the service and sacrifice of a slain state police special agent. Walter, a former Marine and the father of three children, was shot on Friday evening and died early Saturday morning.
All Access Will Be Closed Monday For Memorial Day
Memorial Day is a federal holiday in the United States to remember all those who have died in military service to the nation. In the years since, of course, the day has expanded to include all soldiers who gave their lives defending our country.
Roland-Jones makes England debut at Lord's
All three were undone by just a touch of movement - there was no faulting the surface - as the ball left them down the slope. On resumption, Amla completed a 51-ball fifty but became the first victim of Roland-Jones (1-34) in the next over.
Trump cries fake news amid Kushner reports
The Senate and House Intelligence committees also are investigating, but not with an eye to bringing criminal charges. Media reports revealed the meeting, with another private session Kushner had with a representative of a Russian bank.