All the day’s economic and financial news,as the oil price comes under renewed pressureOil price hit by Opec row
Introduction: Santa Rally?
8.16am GMTThe turbulence in the energy sector has also hit Germany industrial heartland.current data shows that Germany industrial output rose by 0.2% in October, much weaker than the 0.7% rise expected by economists. #Production in October 2015: +0.2% seasonally adjusted on the previous month https://t.co/dV5XhZhDBC pic.twitter.com/ctzBTXJu2zGerman industrial production misses expectations at 1st estimate for 6th month running - zero growth year-on-year https://t.co/hCuKMsKiVf 8.04am GMTAt around $40 per barrel, or oil is well below the break-even point of Opec’s members.
That means they’re still losing money on production,which could believe a nasty knock-on impact on their budgets.
With concerns elevated around the aggressive oversupply in the markets, investor sentiment will remain haunted towards oil in the short-term and selling in the commodity will resume.
This will consequently add pressures to those currencies that belong to economies which are reliant on oil exports.
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Source: theguardian.com