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The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target.
The dollar fetched 6.939 Norwegian krone USDNOK, +0.32% up from 5.979 krone on Wednesday. “Norway derives nearly 70% of its exports from crude oil and petroleum products, representing 20% of GDP, so changes in the price of oil have a massive impact on the nordic nation’s economy,” said Forex.com in a note earlier this month.
The greenback after the OPEC statement bought 1.134 Canadian dollars USDCAD, +0.14% from 1.124 Canadian dollars in the previous session.
Meanwhile, the euro EURUSD, -0.15% was at $1.2477, down from $1.2509 on Wednesday, and the pound GBPUSD, -0.17% bought $1.5724, less than $1.5792 in the previous session. The dollar traded at 117.73 Japanese yen USDJPY, +0.45% little changed from ¥117.74.
The dollar index DXY, +0.14% a measure of its strength against a basket of six rival currencies, rose 0.3% to 87.992.
Gasoline RBF5, -5.84% for January tanked 5.6% to $1.90 a gallon, while heating oil for the same month HOF5, -4.49% slid 4.4% to $2.22 a gallon.
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.
