Stocks Advance Amid Oil Price Stability Hopes

[Omaha Steve]

Last edited Mon Dec 22, 2014, 12:11 PM - Edit history (1)

Source: ABC News-AP

London

Global stock markets rose strongly Monday amid hopes that some stability was emerging in oil markets following a rout that's seen prices slide to five year lows.

KEEPING SCORE: In Europe, Britain's FTSE 100 rose 1 percent to 6,608 while Germany's DAX rose 1.3 percent to 9,909. France's CAC 40 advanced 0.8 percent to 4,274. Wall Street looked set to make further gains at the open, with Dow futures up 0.3 percent and the broader S&P 500 futures 0.2 percent higher.

SAUDI PRICE DENIAL: Saudi Arabia Petroleum Minister Ali Naimi said Sunday he was certain oil prices would recover with the improvement of the global economy. In a speech at an energy summit in Abu Dhabi, Naimi denied his government was trying to suppress oil prices ? many in the markets think Saudi Arabia isn't too unhappy with the fall in oil prices as it could drive many producers to the wall, strengthening the oil-rich kingdom in the long-run. Oil peaked at $107 a barrel in June but has plunged since then due to weak demand, especially after Saudi Arabia and other OPEC members agreed to maintain production levels. In the wake of Naimi's comments, a barrel of Brent crude, the international standard, rose $1.14 a barrel to $61.16. However, benchmark New York crude was 28 cents lower at $56.85 a barrel.

ANALYST TAKE: "After spending the last six weeks as the Scrooge of the economic world, oil has undergone a slight rejuvenation," said Connor Campbell, financial analyst at Spreadex. "In this current climate, any price above $60 per barrel for Brent crude oil is a signifier of hope for the markets."

FULL story at link.


Read more: http://abcnews.go.com/International/wireStory/asian-markets-gain-oil-rebounds-27756649

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Had to change source. The original link is dead.

[Fred Sanders]

1. Contrary to all economic wisdom since time began the oil barons and their media are trying to

convince tens of millions of folks just in America alone saving big bucks at the gas station every week that higher oil prices are GOOD for the economy? Because that is THEIR money the unwashed masses are saving? Because the economists suck?

LOL, oil barons, those guys are hilarious. Who do they think they are with their desperate propganda, Bush and company?

[Scuba]

2. +1

[marble falls]

3. Another fine omaha steve post! Link, please?

[Omaha Steve]

5. I added an updated story and link

[louis-t]

4. "strong rebound in prices"

Where? I saw $1.99 yesterday. Oh, oil 'futures' are up? That means a few speculators are at the Blackjack table again. I notice 'analysts' are usually wrong, especially commodity analysts. Especially analysts who are commodity traders.