Oil
touched its lowest level since 2009 amid increased projections for U.S.
production, while the dollar weakened from strongest level in more than
a decade before this week’s Federal Reserve meeting. Chinese shares
rose as the government vowed to support economic expansion.
West
Texas Intermediate crude dropped 1.1 percent to $44.35 a barrel by 3:20
p.m. in Tokyo, after earlier falling to as low as $43.57. The Bloomberg
Dollar Spot Index declined 0.3 percent as the euro rebounded from a
12-year low. The Shanghai Composite Index advanced 1.9 percent after
China’s Premier Li Keqiang pledged to take action if slowing growth
threatens job creation or wages. Standard & Poor’s 500 Index futures
were little changed.
U.S.
oil dropped 9.6 percent last week and speculators cut bullish wagers to
the lowest in more than two years as falling rig counts fail to cool a
supply glut. The Fed may remove the word “patient” from its statement
this week, giving it more flexibility on the timing of interest-rate
increases as U.S. monetary policy diverges from efforts by European and
Asia-Pacific policy makers to shore up growth.
Source : Bloomberg
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