Oil Falls On News On Sooner-Than-Expected Production Revival

  • Sep 17, 2019 BST
  • Team Kalkine
Oil Falls On News On Sooner-Than-Expected Production Revival

Global Markets*: Broder indexes in the United States were trading in mix, with the S&P 500 index was trading 1.45 points or 0.05% lower at 2,996.51, Dow Jones Industrial Average Index declined by 61.18 points or 0.23% and quoting at 27,015.64 and the technology benchmark index Nasdaq Composite was trading higher at 8,157.38 and up by 3.83 points or 0.05% against its previous day close, at the time of writing.

Global News: After claiming that restoring output of Saudi Aramco after an attack on its facilities may take months, close sources said that it would take two or three weeks, indicating that oil output will be fully restored quicker than thought, as the country was close to restoring 70% of the total production affected. This sent Brent Crude prices lower on Tuesday. Boosted by a surge in machinery and primary metals production, output rose by 0.5% last month, increasing more than expected in August, while factory production fell 0.4% year-on-year. Amid the attack on the oil facilities of Saudi Arabia and two-day policy meeting of the central bank, stocks fell at open on Tuesday and yields edged lower.

European Markets: The London’s broader equity benchmark index FTSE 100 traded at 1.01 points or 0.01% lower at 7,320.40, the FTSE 250 index snapped 19.76 points or 0.10% lower at 20,040.54, and the FTSE All-Share Index ended 1.48 points or 0.04% lower at 4,027.31 respectively. Another European equity benchmark index STOXX 600 ended at 389.33, down by 0.20 points or 0.05 per cent.

European News: After the Supreme Court heard arguments that the prime minister wanted a shutdown of the parliament because he wanted that it was obstructing his Brexit plans, a government lawyer said on Tuesday that if the court rules, he unlawfully suspended it, Boris Johnson could recall parliament. As Prime Minister Boris Johnson stuck to his pledge to take Britain out of the European Union by 31 October and reports emerged that his team are looking at ways to circumvent the legal requirement to seek a delay if a deal is not approved by 19 October, the pound fell from its six-week high against the dollar.

London Stock Exchange

Top Performers: DE LA RUE PLC (DLAR), SOPHOS GROUP PLC (SOPH) and FOXTONS GROUP PLC (FOXT) are top gainers and increased by 8.04%, 6.24% and 5.19% respectively.

Worst Performers: SIRIUS MINERALS PLC (SXX), NOSTRUM OIL & GAS PLC (NOG) and OXFORD BIOMEDICA PLC (OXB) are the top three laggards and decreased by 53.34%, 8.29% and 7.88% respectively.

FTSE 100 Index

Five days Price Performance (September-17-2019), after the market closed; Source: Thomson Reuters

Top Gainers: AVEVA GROUP PLC (AVV), RELX PLC (REL) and RENTOKIL INITIAL PLC (RTO) are top gainers at the FTSE 100 index and climbed by 3.19%, 2.89% and 2.83% respectively.

Top Laggards: TUI AG (TUI), EVRAZ PLC (EVR) and MONDI PLC (MNDI) are top three laggards in today’s session and reduced by 4.62%, 3.88% and 3.04% respectively.

Volume Leaders: (LLOY) LLOYDS BANKING GROUP PLC; (BARC) BARCLAYS PLC; (BP.) BP PLC.

Top Performing Sectors: Technology (up 2.06%), Industrials (up 1.39%) and Healthcare (up 1.24%).

Worst Performing Sectors: Basic Materials (down 1.46%), Telecommunications Services (down 1.39%) and Financials (down 0.97%).

Currency Exchange Rates*: GBP: USD and EUR: GBP were quoting at 1.2512 and 0.8848.

US and UK 10-Year Bond Yields*: The US 10-year and the UK 10-year Bond yields were quoting at 1.798% and 0.706% respectively. 

*At the time of writing

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