- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
- Spain logs record summer tourism as inflow draws protests
- Hedi Slimane quits as Celine's artistic director
- Oil prices extend rally on Iran attack
- Spain welcomed record number of tourists this summer
- France says coming tax hikes on the wealthy to be 'temporary'
- Why are Thailand's roads so deadly?
- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
RBGPF | -2.18% | 59.5 | $ | |
BCC | -1.33% | 139.53 | $ | |
SCS | -2.56% | 12.87 | $ | |
CMSD | -0.04% | 24.93 | $ | |
NGG | -1.85% | 68.78 | $ | |
CMSC | 0.04% | 24.78 | $ | |
BCE | -1.13% | 34.44 | $ | |
JRI | -1.12% | 13.38 | $ | |
RIO | -0.48% | 70.82 | $ | |
GSK | -2.15% | 39.45 | $ | |
RELX | -0.11% | 47.29 | $ | |
RYCEF | -0.43% | 6.9 | $ | |
BTI | -1.33% | 35.97 | $ | |
BP | 0.86% | 32.37 | $ | |
VOD | -2.16% | 9.74 | $ | |
AZN | 1.14% | 79.58 | $ |
Rally in oil prices loses steam on mixed day for global stocks
A rally in oil prices faded Wednesday as worries over Middle Eastern tensions appeared to recede somewhat while US stock indices eked out gains following solid US jobs data.
Brent crude, the international benchmark, briefly topped $75 per barrel while West Texas Intermediate was above $72, with both more than three percent higher.
The surge extended Tuesday's upward move after Iran launched its second ever direct attack on Israel on Tuesday, firing what it said were 200 missiles in retaliation for the killings of Tehran-backed militants.
But the surge in crude prices ran out of steam, with Brent finishing 0.5 percent higher.
"Israel said it would retaliate against Iran, but the market wasn't bothered by this today," Briefing.com said.
Oil prices faltered after US oil stockpile data pointed to a surprisingly large crude inventory build. The data also showed a drop in refined product deliveries, indicating tepid demand.
Crude prices were also buffeted by a Wall Street Journal report that Saudi oil minister Prince Abdulaziz bin Salman has warned oil prices could fall as low as $50 a barrel if other OPEC+ members continue to over-produce.
OPEC denied the report, which implied a Saudi-initiated price war, posting on X (formerly Twitter) that the claims are "utterly unfounded."
Back in New York, both the Dow and Nasdaq finished with modest gains following a choppy session.
US private sector hiring picked up in September, with employers adding more jobs than anticipated, according to data released by payroll firm ADP.
Markets also kept an eye on the Middle East a day after Iran launched its missile attack on Israel. UN chief Antonio Guterres called for an end to the "sickening cycle of escalation."
Despite headwinds that also include a US dockworkers strike, "it is reassuring that the global equity markets did not experience a panic attack," said CFRA Research's Sam Stovall.
Elsewhere, Hong Kong's stock market surged more than six percent by the close, continuing a sharp rally after China last week unveiled a raft of measures to boost its economy, particularly the troubled property sector.
Markets were closed in Shanghai and Shenzhen for a week-long holiday, having also zoomed higher before the break. Tokyo fell more than two percent.
Among individual companies, Nike slid 6.8 percent after the sports giant reported lower profits and revenues, signaling it would take time to engineer a company turnaround.
Tesla dropped 3.5 percent after reporting third-quarter auto deliveries that were roughly in line. A Wedbush note pointed to disappointment that the figures were not more impressive after a rough first half of 2024.
- Key figures around 2030 GMT -
New York - Dow: UP 0.1 percent at 42,196.52 (close)
New York - S&P 500: FLAT at 5,709.54 (close)
New York - Nasdaq: UP 0.1 percent at 17,925.12 (close)
London - FTSE 100: UP 0.2 percent at 8,290.86 (close)
Paris - CAC 40: UP 0.1 percent at 7,577.59 (close)
Frankfurt - DAX: DOWN 0.3 percent at 19,164.75 (close)
Hong Kong - Hang Seng Index: UP 6.2 percent at 22,443.73 (close)
Tokyo - Nikkei 225: DOWN 2.2 percent at 37,808.76 (close)
Shanghai - Composite: Closed for a holiday
Euro/dollar: DOWN at $1.1048 from $1.1068 on Tuesday
Pound/dollar: DOWN at $1.3266 from $1.3286
Dollar/yen: UP at 146.38 yen from 143.57 yen
Euro/pound: DOWN at 83.26 pence from 83.31 pence
Brent North Sea Crude: UP 0.5 percent at $73.90 per barrel
West Texas Intermediate: UP 0.4 percent at $70.10 per barrel
X.Cheung--CPN