Morning Briefing: Oil prices help stocks climb

Morning Briefing: Oil prices help stocks climb

Morning Briefing: Oil prices help stocks climb Oil prices help stocks climb
A rebound for oil prices amid a weaker US dollar has helped stock markets gain so far Wednesday. The price of Brent and US Crude are broadly level with the US price outpacing Brent for a while in overnight trade.

Asian markets were largely higher with the exception of Shanghai. Tokyo was closed for a public holiday. Trade volume was low.

In Europe the major indexes are up more than 1.5 per cent, boosted by stronger US and Asian markets and the rally in the oil price. Regional data showed growth of 0.3 per cent for France’s economy in the third quarter while the UK posted gains of 0.4 per cent, slightly lower than had been predicted.

Wall Street and Toronto are expected to open higher.
 
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North America (previous session)
US Dow Jones 17,417.27 (+0.96 per cent) -2.28 per cent -3.02 per cent
TSX Composite 13,082.86 (+0.37 per cent) -2.24 per cent -10.35 per cent
 
Europe (at 6.00am ET)
UK FTSE 6,169.31 (+1.42 per cent) -2.16 per cent -6.50 per cent
German DAX 10,647.68 (+1.52 per cent) -4.01 per cent +7.31 per cent
 
Asia (at close)
China CSI 300 3,866.38 (-0.27 per cent) +3.01 per cent +16.28 per cent
Japan Nikkei 18,886.70 (-0.16 per cent) -5.00 per cent +7.10 per cent
 
Other Data (at 6.00am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
36.48
(+1.02 per cent)
36.45
(+0.86 per cent)
1070.40
(-0.33 per cent)
U$0.7183
 
Aus. Dollar
U$0.7229
 
OPEC predicts oil to reach $95 – in 2040!
It could be a long time before oil prices come close to where they were in 2014. The latest outlook from OPEC predicts prices of around $70 a barrel in real terms by the end of this decade but it will be another 20 years after that before the price is near last year’s levels. The report says that OPEC will be able to pick up demand as non-OPEC producers’ supply falters amid cuts in rigs and projects.