LONDON:Crude oil prices have rose back after hitting five year lows, pulling down the share value of energy companies,while miners were hit by weedy Chinese developing data.
Oil futures tumbled in early trading on Monday, extending last week’s sharp sell-off in response to the decision of the Organisation of the Petroleum Exporting Countries to maintain its output level despite a supply glut and slumping prices.
US benchmark West Texas Intermediate for delivery in January hit $US63.72 a barrel – the lowest level since July 2009 – but later recovered to $US68.38 a barrel.
Brent crude for January sank to an October 2009 low of $US67.53 a barrel before rebounding to $US71.94 a barrel.
“Brent oil bottomed out early this morning and the move higher is showing no signs of letting up, but energy still has a long way to go before it gets back to the pre-OPEC meeting level,” David Madden, market analyst at trading group IG, said.
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