From the Financial Times:
Monday 11:00 GMT.
Sliding oil prices triggered extreme volatility in commodities as
disappointing news from some of the world’s biggest economies adds to
pressure on the sector while causing nerves in equity markets.
The recent sharp fall in the cost of resources is also exacerbating
concerns about global disinflation, pushing many benchmark sovereign
bond yields to record lows.
The
price of Brent crude is down 0.7 per cent to $69.68, after earlier in
the day dropping to $67.53, its cheapest in almost five years. The move
adds to the 12.7 per cent slide seen last week, which came after Opec held its production ceiling at 30m barrels a day despite a supply glut.
Commodity currencies are getting hit, though they,
too, have pared losses. The Australian dollar is off 0.2 per cent to
US$0.8490, near its weakest since July 2010, and the
Russian rouble is down 3.8 per cent against the dollar to a record low of Rbs52.27.
Shares in oil-focused groups are again under the cosh. In Australia,
the S&P/ASX 200 energy sector fell 6.4 per cent, taking its
three-session retreat to 16 per cent and contributing to a 2 per cent
drop for the broader Sydney market.
Europe’s oil and gas production sector is down 0.8 per cent while miners
are off 1.7 per cent, leaving the FTSE Eurofirst 300 down 0.4 per cent....MUCH MORE
January WTI 65.63 down 52 cents after a session low $63.72, Brent $69.64 off 51 cents Most active gold (Feb.) $1170.90 down $4.60. Here's
FinViz's snapshot of the action thus far:
