Morning Briefing: Iranian oil supplies push prices lower

Morning Briefing: Iranian oil supplies push prices lower

Morning Briefing: Iranian oil supplies push prices lower Iranian oil supplies push prices lower
The lifting of sanctions on Iran by the West has led to a further downward push for oil prices. Benchmark Brent crude is below $29, a price not seen since 2003, WTI is slightly higher. Iran is expected to add 500 million barrels a day to the already over-supplied market.

The decline in oil prices has been accompanied by a further drop in global equities. Asian markets closed mostly lower Monday with Sydney and Tokyo close to joining Shanghai in the bear pit. Tuesday’s session is set to be an interesting one with China releasing data including GDP, retail and industrial production figures.

European markets are also slightly lower so far Monday with oil prices in focus.

Toronto is expected to open lower while Wall Street is closed for Martin Luther King Day.
 
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North America (previous session)
US Dow Jones 15,988.08 (-2.39 per cent) -6.66 per cent -8.70 per cent
TSX Composite 12,073.46 (-2.13 per cent) -7.30 per cent -15.63 per cent
 
Europe (at 6.00am ET)
UK FTSE 5,808.96 (+0.08 per cent) -4.02 per cent -11.32 per cent
German DAX 9,541.48 (-0.04 per cent) -10.06 per cent -6.16 per cent
 
Asia (at close)
China CSI 300 3,130.73 (+0.38 per cent) -16.91 per cent -13.88 per cent
Japan Nikkei 16,955.57 (-1.12 per cent) -10.70 per cent +0.54 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
28.62
(-1.11 per cent)
29.13
(-0.99 per cent)
1091.60
(+0.08 per cent)
U$0.6886
 
Aus. Dollar
U$0.6875

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