Source: http://ift.tt/eKERsB - Thursday, November 27, 2014
By Lisa Twaronite TOKYO (Reuters) - Oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday, in the wake of OPEC's decision to refrain from cutting output despite a huge oversupply. U.S. markets were closed on Thursday for the Thanksgiving holiday, leaving the spotlight on the Organization of Petroleum Exporting Countries' meeting in Vienna where Saudi Arabia blocked calls from poorer cartel members to cut production to stem a slide in global prices. Crude prices had been under pressure ahead of the meeting, but the sharp dive afterward - the largest since 2011 - showed the decision was not fully priced in. Brent crude settled at a four-year closing low of $72.82 a barrel. U.S. crude plunged 6.9 percent to $68.59. "In the short term, given market scepticism that recent price levels are low enough to substantially slow U.S. output growth, we expect price levels to drop below $70/bbl for Brent and even lower for WTI (U.S. crude)," Barclays analysts said in a note. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, on track for a weekly gain over 1 percent but a monthly loss of more than 1 percent. Australian shares skidded 1.3 percent, with energy companies taking a hammering, led by Sundance Energy, Drillsearch, Santos Ltd falling 10-16 percent. The Nikkei stock average bucked the regional downtrend and added 0.7 percent in early trading, on track for a slight weekly dro
from Top News on RSS Feeds http://ift.tt/1twNQKf
By Lisa Twaronite TOKYO (Reuters) - Oil prices, oil-related shares and oil-linked currencies all tumbled in Asia on Friday, in the wake of OPEC's decision to refrain from cutting output despite a huge oversupply. U.S. markets were closed on Thursday for the Thanksgiving holiday, leaving the spotlight on the Organization of Petroleum Exporting Countries' meeting in Vienna where Saudi Arabia blocked calls from poorer cartel members to cut production to stem a slide in global prices. Crude prices had been under pressure ahead of the meeting, but the sharp dive afterward - the largest since 2011 - showed the decision was not fully priced in. Brent crude settled at a four-year closing low of $72.82 a barrel. U.S. crude plunged 6.9 percent to $68.59. "In the short term, given market scepticism that recent price levels are low enough to substantially slow U.S. output growth, we expect price levels to drop below $70/bbl for Brent and even lower for WTI (U.S. crude)," Barclays analysts said in a note. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, on track for a weekly gain over 1 percent but a monthly loss of more than 1 percent. Australian shares skidded 1.3 percent, with energy companies taking a hammering, led by Sundance Energy, Drillsearch, Santos Ltd falling 10-16 percent. The Nikkei stock average bucked the regional downtrend and added 0.7 percent in early trading, on track for a slight weekly drofrom Top News on RSS Feeds http://ift.tt/1twNQKf
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