Market News Crude-oil futures on Monday rose to their highest in nearly three weeks on ongoing geopolitical concerns and as Libya announced a drop in its production. Crude futures for delivery in August gained $1.46, or 1.4%, to settle at $104.59 a barrel on the New York Mercantile Exchange. That was crude’s highest settlement since July 1. Libya said its oil production dropped 100,000 barrels a day to 500,000 barrels a day since last week. A fight between rival militias for control of Tripoli’s airport resumed in the weekend. The unrest in Libya “is halting too much of a sell off” in crude, Matt Smith, a commodity analyst with Schneider Electric, said in a note. Later this week U.S. oil inventory data and manufacturing data from China will provide further cues for the oil market. U.S. stocks closed lower on Monday as investors remained jittery amid escalating war in Gaza and possible tougher sanctions against Russia. The S&P 500 closed 4.6 points, or 0.2%, lower at 1,973.63, with 9 of 10 sectors in the red. The Dow Jones Industrial Average shed 48.45 points, or 0.3%, to 17,051.73. The Nasdaq Composite slipped by 7.44 points, or 0.2% at 4,424.70. S&P 500 +6.8% Dow Jones Industrial Average +2.9% Nasdaq Composite +5.9% European equity-index futures (SPA) gained, following a rally in Chinese shares that propelled Asia’s benchmark (MXAP) stock index toward a six-year high, while government bonds rallied with oil. Japanese stocks moved higher early on Tuesday in caution trade as the market attempted to get a handle on regional and broader political events. The Nikkei 225 rose 0.7% as the market came back online after a public holiday on Monday Silver for September delivery was down 0.43% at $20.92 a troy ounce. Copper futures for September delivery fell 0.05% at $3.197 a pound.
Posted on: Tue, 22 Jul 2014 14:26:34 +0000
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