Oil hits six-year low

Hong Kong – Oil touched its lowest level since 2009, dragging Asian energy shares down amid increased projections for US production. The dollar weakened from its strongest in more than a decade to major peers ahead of this week’s Federal Reserve meeting. West Texas Intermediate crude dropped 1 percent to $44.39 a barrel by 11.21am in Tokyo, after earlier falling to as low as $43.57. A gauge of energy producers dropped the most among the 10 industries on the MSCI Asia Pacific Index. Standard & Poor’s 500 Index futures were little changed. The Bloomberg Dollar Spot Index fell 0.2 percent as the greenback weakened 0.3 percent to $1.0525 per euro, after reaching its strongest level since January 2003. US oil dropped 9.6 percent last week and speculators cut bullish wagers to the lowest in more than two years as falling rig counts fail to cool a supply glut. The Fed may remove the word “patient” from its statement this week, giving it more flexibility on the timing of potential rate increases. The euro is heading for its biggest ever quarterly loss versus the dollar after the region’s central bank took deposit rates below zero and began buying bonds as tries … continue reading

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Source: CTRM Center

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