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Crude-oil futures on Wednesday ended at a fresh five-year low Wednesday, dragged down by a surprise inventories increase and news the Organization of the Petroleum Exporting Countries cut its 2015 demand expectations for crude.
Light, sweet crude for delivery in January CLF5, +0.85% declined $2.88, or 4.5%, to settle at $60.94 a barrel on the New York Mercantile Exchange. That was oil’s lowest settlement since July 2009.
January Brent crude LCOF5, +0.86% slid $2.60, or 3.9%, to $64.24 a barrel on London’s ICE Futures. That was Brent’s lowest settlement since July 2009 as well.
Gold retreated on Wednesday as investors took profits following a strong run-up in the previous session in response to a global equities meltdown.
Gold for February delivery GCG5, -0.03% slipped $2.60, or 0.2%, to settle at $1,229.40 an ounce. March silver SIH5, -0.16% rose 5 cents to $17.19 an ounce.
Gold’s Wednesday retreat came even as U.S. stocks were being routed amid worries about an oversupply in global oil. Typically, investors seek the safety of gold during times of steep declines in equities.
Asian markets mostly sank again on Thursday after Wall Street was hit by a further fall in oil prices, while the dollar edged up after tumbling against the yen.
Analysts said traders were taking their cash off the table before the end of the year after enjoying a surge over the past few weeks that has been supported by strong US data, Japanese easing measures and hopes for stimulus in China.
Tokyo tumbled 1.54 per cent, Hong Kong sank 1.40 per cent, Sydney shed 0.58 per cent and Seoul lost 0.85 per cent but Shanghai added 0.20 per cent.
In New York the Dow and S&P 500, which last week ended at record highs, retreated owing to a pullback in petroleum plays that came after OPEC lowered its demand forecast for 2015 and the US revealed its stockpiles surged.
MALAYSIA share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 14.91 points to 1750.61.
Volume was 47.97 million lots worth RM18.46 million.
Losers outnumbered gainers 198 to 37.
MALAYSIAN shares ended higher on Wednesday with the Kuala Lumpur Composite Index adding 27.42 points to close at 1,765.52.
Some 1.21 billion lots, valued at RM1.61 billion were traded. Gainers numbered 502 while losers numbered 281.
