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Crude oil prices sank to a four-and-a-half year low on Thursday, on news that OPEC has kept its production levels unchanged. Hopes for a cut in output had all but faded after a Saudi Arabian oil minister’s comments a day prior.
Extending losses on the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -6.51% sank to as low as $67.75 a barrel during European afternoon trading hours, touching the lowest level since May 2010. The contract was down $4.58, or 6.2%, at $69.11 a barrel at the latest.
January Brent crude LCOF5, -0.22% on London’s ICE Futures exchange fell $4.71, or 6.1%, to $73.04 a barrel.
Extending losses on the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -6.55% sank to as low as $67.75 a barrel during European afternoon trading hours, touching the lowest level since May 2010. The contract was down $4.58, or 6.2%, at $69.11 a barrel at the latest.
January Brent crude LCOF5, -0.25% on London’s ICE Futures exchange fell $4.71, or 6.1%, to $73.04 a barrel.
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While gold bugs are hoping for a “yes” vote, most analysts don’t see that happening. December gold GCZ4, -1.14% which traded around $1 lower to $1,195.60 an ounce on Thursday in electronic trading, with U.S. physical markets closed for Thanksgiving Day, has seen a choppy year, which has left prices more or less flat.
Asian markets mostly fell Friday, with energy firms taking a dive as oil sat at four-year lows after the Opec cartel ignored calls to cut production in response to plunging prices and a supply glut.
Sydney's ASX/S&P 200, the home of energy giants such as BHP Billiton, Woodside and Santos, took a huge hit as investors fled to the sidelines, although regional airlines benefited from the prospect of cheap fuel.
The index tumbled 1.34 per cent, Seoul lost 0.16 per cent and Hong Kong shed 0.24 per cent, while Shanghai was flat. However, Tokyo climbed 0.94 per cent thanks to a weakening yen.
MALAYSIA share prices opened lower on Friday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 9.62 points to 1820.57.
Volume was 44.13 million lots worth RM19.28 million.
Losers outnumbered gainers 105 to 52.
MALAYSIAN shares ended lower on Thursday with the Kuala Lumpur Composite Index slipping 12.26 points to close at 1,829.91.
Some 1.55 billion lots, valued at RM1.36 billion were traded. Gainers numbered 252 while losers numbered 567.
