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Crude Oil Nears 12-Year Low as Hedge Funds Head for Exit (News 11/01/16)

Today's Press

  • Futures dropped as much as 2.8 percent in New York after tumbling 10 percent last week. Speculators’ net-long position in West Texas Intermediate declined 24 percent in the week to Jan. 5, U.S. Commodity Futures Trading Commission data show. Producer prices in China fell for a record 46th month, bolstering concern about the world’s second-biggest economy. A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, Morgan Stanley said.

  • Asian stocks extended last week's sell-off on Monday as muted inflation data out of China and sagging commodity prices continued to keep investors' appetite in check. Emerging-market currencies also saw volatility after strong U.S. jobs figures kept the Federal Reserve on track to raise interest rates again in March.

  • European stock markets held up Monday despite another big fall in China's benchmark amid ongoing worries over the outlook for the world's second-largest economy.

Next Trading Day's Important Events

Forex Quotes:

  • USDJPY: 117.68
  • EURUSD: 1.0877

Indices:

  • S&P 500: 1,926.20
  • NASDAQ : 4650.4

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