Wall Street closed low on tuesday 24 feb, 2016

Wall Street closed low on yesterday, with the Dow Jones index falling 1.14 per-cent to settle down at 16,432. The fall down in US(United States) stocks was led by a drop in mcx crude prices, as international benchmark Brent plunged by over 4 per-cent in overnight trade after Saudi Oil Minister Mr. Ali Al-Naimi ruled out any production cut, saying the kingdom's rationale for maintaining outcome was that the requirement would absorb excess crude that has crushed prices over the previous twenty months.

The International Energy Agency (IEA) on Monday said US shale oil production may drop by 600,000 barrels per day (bpd) current year and another 200,000 bpd in 2017.

Comments by Nigeria, which backed Russia & Saudi Arabia in freezing Mcx oil production, while giving Iran & Iraq a way out to rebound some of their market shares lost due to the western sanctions, had helped an oil rally on Monday.

 

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Free stock updates for 23 Feb, 2016

Wall Street : Wall Street ends higher on yesterday, with the Dow Jones index rising 1.39 per-cent to settle at 16,620.66.Click for Free stock tips

The rise in US stocks was led by a surge in mcx crude oil prices, as international benchmark Brent gained by $1.81, or 5.5 per-cent, to $34.82 a barrel in overnight trade. US mcx crude futures also gained $2.41, or 8.1 per-cent, to $32.05 a barrel.

The International Energy Agency (IEA) on Monday told US(United States) shale oil production may drop by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017 year.

Gains were also led by comments by Nigeria, which backed Russia & Saudi Arabia in freezing crude oil production, while giving Iran & Iraq a way out to rebound few of their market shares lost due to the western permissions.

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Commodity tips & market overview for 13 Jan, 2016

 

Wall Street did manage a 2nd day of gains with the Dow ending yesterday up 0.72 per-cent. Click For Commodity tips .The S&P 500 contributed 0.78 per-cent while the Nasdaq near 1.03 per-cent.

Shares of Apple company went high by 1.5 per-cent on a broker upgrade, underpinning the broader market.

In Europe, solid corporate notifications from retailers helped lift the FTSEurofirst 300 index 1.1 per-cent. But, the Commodities had no such luck as plentiful supplies and subdued requirement ate into energy & industrial metals prices.

US(United States) crude CLc1 sank as deep as $29.93 at one stage on yesterday before paring its losses.

 

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