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Crude-oil futures rose Tuesday, a day after being knocked down to a five-year low amid fears the market won’t find a bottom soon.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -1.28% rose 77 cents, or 1.2%, to settle at $63.82 a barrel. That snapped a three-session losing streak.
January Brent crude LCOF5, -1.20% on London’s ICE Futures exchange rose 65 cents, or 1%, to end at $66.84 a barrel. That put an end to a five-session losing streak.
Gold rallied Tuesday to reclaim the $1,200 level in response to a global equities selloff.
Gold for February delivery GCG5, -0.06% jumped $37.10, or 3.1%, to settle at $1,232 an ounce, its highest close since the end of October. March silver SIH5, -0.17% added 86 cents, or 5.3%, to $17.13 an ounce.
Asian markets were mostly lower on Wednesday following a sell-off in New York and Europe, with fears about Greece returning to haunt dealers, while oil prices resumed their downward spiral after a slight uptick.
Shanghai's benchmark index recovered slightly after slumping more than five percent Tuesday - its heaviest loss in five years - although another round of weak inflation data capped gains.
Tokyo fell 1.38 per cent, taking another hit from further strengthening of the yen, while Shanghai edged up 0.24 per cent. Sydney shed 0.68 per cent, Seoul eased 0.67 per cent and Hong Kong was flat.
Tuesday's losses in Asia, which followed a week-long rally, spread to European and US markets and were exacerbated by news that Greece had brought forward a presidential election, raising worries of fresh political instability.
MALAYSIA share prices opened lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 3.08 points to 1735.02.
Volume was 9.26 million lots worth RM4.23 million.
Losers outnumbered gainers 63 to 45.
MALAYSIAN shares ended lower on Wednesday with the Kuala Lumpur Composite Index slipping 2.74 points to close at 1,738.1.
Some 1.44 billion lots, valued at RM1.70 billion were traded. Gainers numbered 216 while losers numbered 647.
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