Crude oil resumed its slump, heading for its worst year since 2008 amid speculation United States stockpiles data will fuel concern over a global supply glut. Gold rose for a second day, while copper retreated.
West Texas Intermediate crude fell 0.9% to USD 53.65 a barrel in Hong Kong, slipping for the 4th time in five days to trade near a five-year low. Gold added 0.2% while copper futures fell. The S&P/ASX 200 Index fell less than 0.1% in Sydney, amid volumes 56% below their 30 day average. Standard & Poor’s 500 Index futures rose 0.1% after the US gauge retreated from a record. The Bloomberg Dollar Spot Index was little changed after a 0.4% drop Tuesday pared its 2014 advance to 11%.
Crude has plunged more than 45% this year, languishing in a bear market as the largest US oil output in 30 years collides with waning global demand and OPEC’s refusal to cut its own production to boost prices. Analysts predict a government report on Wednesday will show US supplies rose last week to a record level for the period in data going back to 1982.
A final reading on the HSBC Holdings Plc/Markit Economics China manufacturing gauge is due on Wednesday, with many Asian markets either closed or shutting early before New Year holidays.
Source – Bangkok Post
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