Oil prices jumped to near six-month highs on Tuesday as the US tightened sanctions on Iran, sending shares of energy companies higher but largely failing to help the currencies of the main crude-oil producers.
Foreign-exchange market volatility was still largely absent. The dollar held near a three-week high, but the usual beneficiaries of higher oil prices, the Canadian dollar and Norwegian krone, dipped to $1.33 and $8.52 respectively. Overnight, MSCI’s index of Asia-Pacific shares ended 0.1% higher and Japan’s Nikkei closed up 0.2%. Oil and gas gains were offset by losses for airlines and other transport shares facing higher fuel costs.
Oil prices are “not so high that it crushes manufacturing by putting energy-price inputs up, but it is producing a nice boost to oil-producing nations”, said Robert Carnell, Singapore-based chief economist and head of research for Asia Pacific at ING.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World stocks edge higher on upbeat Chinese dataChina’s GDP grows 6.4% and its industrial output surged in March, but European shares are flat; Juventus FC’s shares plummet after losing to Ajax
Source: BDliveSA - 🏆 12. / 63 Read more »