CME Group, one of the world's leading derivatives marketplace, and Oman Investment Fund have announced plans to increased their stake in the Dubai Mercantile Exchange (DME), which trades the Oman oil futures contract.
Announcing this o
Brent rose above $115 a barrel on Tuesday as the dollar weakened on improved prospects of a bailout for debt-laden Greece, but oil remained on track for a fall in May, snapping a record eight-month winning streak.
The euro rose to three-we
US oil rebounded more than a $1 to $98 a barrel on Wednesday, after two straight sessions of declines, as a surprise drop in gasoline stocks allayed concerns about weaker demand ahead of the peak driving season.
Prices were also supported
Oil dropped more than a dollar on Tuesday after the CME Group hiked trading margins for US crude futures by 25 per cent following a sharp jump in the previous session.
Brent crude fell $1.38 to $114.52 a barrel by 0200 GMT, a day after its
US crude futures fell more than $1 on Tuesday as investors reduced risk ahead of a meeting of the US Federal Reserve and after Saudi Aramco's chief executive said the kingdom was not comfortable with current oil prices.
Nymex crude for Jun
The Australian dollar hit a fresh 29-year high and South Korea's benchmark index touched another record intraday high on Monday.
Commodities pushed higher with gold hitting a record high of$1,513.70 an ounce and US silver futures scali
Oil prices fell by more than $2 to below $89 per barrel for the first time in 10 days as concerns about high US inventories and Chinese inflation outweighed positive US jobless data.
US crude futures fell by two per cent to $88.62 per barr
Nymex crude fell below $91.50 a barrel, while Brent crude held above $98 a barrel for the fourth session on Monday, supported by a strong equities market and a persistently weak dollar.
US crude for February delivery slipped 1 cent to $91.
Oil steadied above $91 a barrel on Wednesday, as forecasts for warmer weather in the US Northeast offset expectations for a further drawdown in crude stocks in the world's largest oil user.
Nymex crude for February delivery
Oil extended losses on Tuesday to four-week lows near $71, down as much as 1.5 per cent from Friday's close, after a raft of negative economic indicators over the past week undermined confidence about growth in energy use.