Russia’s oil production has shrunk by around 130,000 barrels a day in the first week of January from a post-Soviet record of 11.25 million barrels a day in October, an official at the energy ministry’s CDU-TEK unit said Monday, asking not to be identified because of internal policy. The cuts from the world’s biggest energy producer go beyond its initial goal for a cut of at least 50,000 barrels a day this month.
U.S. stocks closed mixed on Monday. While the Dow and the S&P 500 slid to the negative territory, the tech-heavy Nasdaq posted a modest gain. The Nasdaq edged up 10.76 points or 0.2 percent to 5,531.82, while the Dow dropped by 76.42 points or 0.4 percent to 19,887.38. The S&P 500 fell by 8.08 points or 0.4 percent to 2,268.90.
Higher prices could delay China's efforts to curb excess industrial capacity, while the central bank is still focused on curbing speculative pressures and mounting debt, David Qu and Raymond Yeung of ANZ said in a commentary. "Given slowing growth and uncertainties in the economy, such as exports and fixed asset investment, we do not think the central bank will start to tighten in the first half of 2017," they said. "However, high inflation rates will push market interest rates higher."
- USDJPY: 116.30
- EURUSD: 1.0563
- S&P 500: 2,268.90
- NASDAQ : 5,531.82