News

Saudi Arabia is reluctant to raise production as oil-backed currencies appreciate

Saudi Arabia is reluctant to raise production as oil-backed currencies appreciate

Crude prices rallied on Monday after key producer Saudi Arabia said supplies were “plentiful” and signaled it would back sustained output cuts, boosting the currencies of oil producing countries.


Price
+/- %
London’s FTSE 100
7,348.62
0
Frankfurt’s Xetra Dax 30
12,215.66
-0.2%
Euro vs dollar
$1.1151
0
Sterling vs dollar
$1.2733
+0.1
Topix
1,554.89
0
US 10Y
2.399
+1bp
Bunds 10Y
-0.104
+1bp


 The CSI 300 of Shenzhen and Shanghai stocks fell 1 per cent, Hong Kong’s Hang Seng index dipped 0.6 per cent and the CSI 300 was down 1.3 per cent.

Brent crude’s climb of 1.4 per cent to $73.20 a barrel and US marker West Texas Intermediate was up 1.3 per cent at $63.57.

The Australian dollar rose as much as 1 per cent, ASK/S&P 500 is at its highest level since 2008 as a result of a win for the Liberal-National coalition government that promise to bring further reforms to the financial industry.

Despite better than expected economic growth in the first quarter the Topix was flat in Japan.

•The CAD up 0.3 per cent against the USD to C$1.345.

•The Norwegian krone rose 0.2 per cent to 8.77 per dollar, trading two-month highs.

•Russia’s rouble climbed 0.2 per cent to 64.62 against the US dollar.

•The Australian dollar rose nearly 1 percent as a result of a market friendly election result.


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