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New York-traded crude-oil futures limped across the finish line Tuesday closing up 2 cents, enough to snap a four-day losing streak but hardly inviting investors to think that significantly higher crude -oil prices are in the offing.
Trading in oil, as with many markets Tuesday, was characterized by jarring swings. Prices for oil futures trading on the New York Mercantile exchange made a sharp turnaround , briefly touching an all-low of $53.60 and latter hitting a high of $57.15 a barrel.
London’s Brent crude also pared its losses significantly. The choppy trading for oil was matched by similar volatility in gold, a haven play.
Gold prices lost ground Tuesday, erasing early gains that followed worldwide turbulence briefly triggered by hand-wringing over Russia’s rapidly tumbling ruble.
Gold for February delivery GCG5, +0.33% settled down $13.40, or 1.1%, at $1,194.30 an ounce. The contract jumped above $1,220 early Tuesday as U.S. stocks slumped, but it then turned negative while equities pared their early losses.
Asian markets edged up on Wednesday on bargain-hunting, although gains were limited following more losses on Wall Street, while investors await the outcome of a Federal Reserve policy meeting.
Oil prices extended their losses to fresh five-and-a-half-year lows, while the dollar dipped against the yen ahead of the Fed get-together, which is being closely watched for an idea about its plans for interest rates.
Tokyo edged up 0.49 per cent, Hong Kong added 0.12 per cent, Sydney was 0.49 per cent higher, Seoul put on 0.10 per cent and Shanghai tacked on 0.35 per cent.
Global markets have been in turmoil this week owing to concerns about the effects of plunging oil prices on energy firms as well as the Russian economy, which is also straining under the weight of Western sanctions.
MALAYSIA share prices opened lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 1.43 points to 1673.04.
Volume was 20.47 million lots worth RM6.09 million.
Losers outnumbered gainers 68 to 55.
MALAYSIAN shares ended lower on Tuesday with the Kuala Lumpur Composite Index slipping 23.37 points to close at 1,673.94.
Some 1.64 billion lots, valued at RM2.1 billion were traded. Gainers numbered 296 while losers numbered 572.
