asian energy stocks sink airlines rise on opec decision
Last Updated : GMT 18:26:54
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.

arabstoday
arabstoday

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

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*

asian energy stocks sink airlines rise on opec decision asian energy stocks sink airlines rise on opec decision

 



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*

asian energy stocks sink airlines rise on opec decision asian energy stocks sink airlines rise on opec decision

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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