Arab Today, arab today asian energy stocks sink airlines rise on opec decision
Last Updated : GMT 03:13:34
Arab Today, arab today
Arab Today, arab today

Asian energy stocks sink, airlines rise on OPEC decision

Arab Today, arab today

Arab Today, arab today Asian energy stocks sink, airlines rise on OPEC decision

Asian markets mostly fall
Hong Kong - AFP

Shares in energy firms tumbled Friday after oil prices hit four-year lows in reaction to OPEC's decision to ignore calls for an output cut, although the prospect of cheaper fuel sent airlines surging.
Sydney's ASX/S&P 200, the home of commodity giants such as BHP Billiton, Woodside and Santos, was the stand-out loser, although Asian stock markets were mixed as cheaper oil means lower import costs.
At a closely watched meeting Thursday the Organization of the Petroleum Exporting Countries (OPEC) said it would "maintain the production level of 30 million barrels per day", where it has been for the past three years.
The 12-nation cartel, which pumps a third of global oil supplies, made the move despite calls from around the world -- including from some of its own members -- to cut output as prices had fallen by a third since June.The news was greeted with a huge sell-off on oil markets, with both main contracts diving around five percent to four-year lows. New York's West Texas Intermediate (WTI) at one point slumped to $67.75 a barrel and London's Brent North Sea crude touched $71.25 -- both four-year troughs -- before slightly recovering.
In afternoon Asian trade WTI was at $68.82, down 23 cents from its settle price in electronic trading in New York on Thursday. US floor trading was closed due to Thanksgiving. Brent dropped 21 cents to $72.37.
"It seems there were still plenty of traders holding out hope that the supply of oil from the world's largest group of producers would be cut," Scott Schuberg, chief executive at Rivkin Securities in Sydney, told Dow Jones Newswires.
- Airline gains -
Among regional markets Sydney shed 1.56 percent, Hong Kong lost 0.11 percent by lunch and Seoul was 0.16 percent lower but Shanghai added 0.73 percent.Tokyo jumped 1.17 percent thanks to a weakening yen, while the lower oil prices will provide some support to Japan, which has ramped up imports of the black gold to make up for lost energy caused by the shuttering of the country's nuclear power stations.
In Sydney the biggest casualty was Santos, which plunged 10.85 percent in late trade, while BHP Billiton lost 3.5 percent and Woodside was off 6.42 percent.
Hong Kong-listed shares in CNOOC shed 5.33 percent and PetroChina sank 3.3 percent.
However, Asian airlines -- whose main cost is fuel -- soared.
In Hong Kong, Air China jumped 5.7 percent and Cathay Pacific gained 7.13 percent, while Tokyo-listed Japan Airlines added 5.7 percent and rival ANA jumped 6.32 percent. Qantas gained 7.2 percent in Sydney and Korean Airlines was up 4.9 percent in Seoul.
On foreign exchange markets the euro was mixed after sinking on Thursday in reaction to speculation the European Central Bank could begin buying government bonds as part of a monetary easing drive.
The euro bought $1.2445 against $1.2460 and 147.24 yen compared with 146.74 yen.
The yen came under pressure again after data showed inflation slowing in October from the previous month.
The dollar was trading at 118.29 yen, up from 117.74 yen in London.
Gold was at $1,185.10 an ounce, compared with $1,196.58 late Wednesday.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asian energy stocks sink airlines rise on opec decision Arab Today, arab today asian energy stocks sink airlines rise on opec decision

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed

GMT 09:00 2017 Thursday ,16 February

Bahrain Bourse daily trading report

GMT 05:07 2017 Thursday ,16 February

Saudi stocks rise 0.6%
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday