LONDON - Oil shed some of its massive gains on Tuesday as the United States flagged the possible release of crude reserves, while stocks inched lower as investors remained on the sidelines ahead of this week’s Federal Reserve meeting.
European shares opened lower, with energy stocks giving up gains as crude prices eased. The pan-European STOXX 600 index dropped 0.2%.Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.66%. Chinese shares fell 1.07%, while Hong Kong shares slumped 1.18%.Brent crude oil, the international benchmark, fell 0.1% to $68.96 per barrel on Tuesday. On Monday, it surged as much as 14.6% for its biggest one-day percentage gain since at least 1988.
U.S. President Donald Trump has authorized the release of emergency crude stockpiles if needed, which could ease some upward pressure on crude futures. “It is this concern over negative supply shocks amid geopolitical tensions which should keep oil prices buoyed in the short term.”The yield on benchmark 10-year Treasury notes fell slightly to 1.8292%.
Trump said on Monday that the United States has reached initial trade agreements with Japan, but traders are also focused on the U.S.-Sino trade war.
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