Crude oil prices remain under pressure ahead of DOE inventories data

Wednesday, March 25, 2015

Crude oil prices extended losses this morning as investors remain cautious ahead of the release of DOE oil inventories data this afternoon. WTI front month futures slid lower towards $47 per barrel and Brent front month futures retreated below $55 per barrel. Gold hovered around $1190/ounce but silver edged higher this morning to retest $17. Platinum and palladium extended gains and climbed over 0.35% in early trade this morning.

WTI front month futures

CLK5 Comdty (WTI CRUDE FUTURE  M 2015-03-25 08-55-54

Asian equity markets extended gains overnight. The Hang Seng index rebounded and climbed higher (+0.53%) towards 24,530 while the Nikkei index edged higher by 0.17% to end the trading session at 17,746.20. The recent modest Chinese manufacturing PMI data weighed on market sentiment and limited any strong upside potential in the Asian markets.

European equity markets were mixed this morning. The CAC and DAX indices posted renewed losses while the London equity benchmark index edged higher towards 7,050. The release of the German IFO business climate data could provide further momentum. However, the ongoing uncertainty regarding Greece’s economic stability continues to dominate the markets. The euro held above 1.0950 this morning against the US dollar, awaiting the release of the German IFO figures. The USD index remained under pressure trading near below 97.0 against a basket of currencies.

The euro held around 1.0950

EURUSD Curncy (EUR-USD X-RATE)   2015-03-25 08-59-58

   

Events for today:

0900

DE

Mar

IFO Business Climate

1230

US

Feb

Durable Goods & New Orders

1530

US

w/e

EIA Energy Stocks

 

All times UK Local Time

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