Oil Extends Advance as U.S. Driller Cut Rigs Amid Global Glut

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Oil extended gains after the biggest weekly advance in almost four years as signs of a drilling slowdown in the U.S. bolstered speculation that companies are cutting back crude production amid a global glut.

Futures rose as much as 3.3 percent in New York after climbing 7.2 percent last week. Drillers reduced the number of rigs in service by 83 to 1,140, the lowest level since December 2011, according to data from Baker Hughes Inc. Oil workers at two BP Plc plants in the Midwest joined the biggest strike at refineries across the nation since 1980 as negotiations on a new labor contract stalled.

Oil slid almost 50 percent last year as U.S. producers pumped crude at the fastest pace in more than three decades. The Organization of Petroleum Exporting Countries also resisted calls to cut supply, signaling it would fight to maintain market share. Venezuela wants OPEC to discuss steps to halt price fluctuations, according to Oil Minister Asdrubal Chavez.

WTI for March delivery increased as much as $1.71 to $53.40 a barrel in electronic trading on the New York Mercantile Exchange and was at $52.01 at 1:31 p.m. Singapore time. The contract gained $1.21 to $51.69 on Feb. 6. The volume of all futures traded was about 57 percent above the 100-day average.

Source : Bloomberg

Gold Rebound as Investors Assess Ukraine to Greece After Jobs

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Gold rebounded as Greek Prime Minister Alexis Tsipras reaffirmed his government™s rejection of the country™s bailout program and concern increased that Ukraine™s conflict may worsen, spurring demand for haven assets.

Bullion for immediate delivery added as much as 0.4 percent to $1,239.31 an ounce and was at $1,237.72 at 11:54 a.m. in Singapore, according to Bloomberg generic pricing. Prices fell to $1,228.48 on Feb. 6, the lowest level since Jan. 15, after data showed the U.S. added more jobs than forecast in January, boosting expectations that the Federal Reserve will move toward the first interest-rate increase since 2006.

Greece™s Tsipras vowed to increase the minimum wage and halt infrastructure privatizations on Sunday, putting him on a collision course with creditors before an emergency meeting with euro-area finance ministers. Ukraine™s almost yearlong conflict enters a pivotal week with discussions to resume on Monday in Berlin aimed at preparing a summit for the leaders of Germany, France, Russia and Ukraine in Minsk, Belarus, on Feb. 11.

Ukraine, the U.S. and the European Union say Russia is supporting separatists in Ukraine™s east. Almost 5,400 people have died in the fighting since April, according to the United Nations. This week™s diplomatic effort comes as the U.S. and some European allies consider supplying arms to Ukraine.

Source : Bloomberg

Hong Kong Stock Down 0.46% by Midday

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Hong Kong stocks ended the morning 0.46 percent lower Monday after another batch of weak Chinese trade data, while a strong US jobs report sparked speculation the Federal Reserve will bring forward its timetable for raising interest rates.

The benchmark Hang Seng Index rose 113.47 points to 24,565.92 by the break on turnover of HK$36.68 billion ($4.73 billion).

Source : AFP

Japan Stocks Rise After Yen Falls on U.S. Jobs, Fed Rate Outlook

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Japanese stocks rose after the yen fell against the dollar as a surge in U.S. payrolls fueled bets the Federal Reserve will raise interest rates sooner.

Funai Electric Co., which gets two-thirds of its revenue from the U.S., jumped 3.3 percent. Nippon Telegraph & Telephone Corp. jumped 4.5 percent and is headed for the highest close since 2001 after reporting better-than-expected earnings. Dai-ichi Life Insurance Co. rose 2.7 percent after Bloomberg News reported the insurer is seeking closer ties with Resona Holdings Inc. to boost sales. Olympus Corp. lost 2.8 percent after reporting net income that missed estimates and saying a U.S. probe into its medical business could hurt earnings.

The Topix advanced 0.3 percent to 1,420.67 at the break in Tokyo, with more than two stocks rising for each that fell. The Nikkei 225 Stock Average added 0.2 percent to 17,681.53. The yen gained 0.3 percent to 118.75 per dollar after falling 1.3 percent on Friday following a report showing U.S. employers added workers and boosted wages more than expected. Treasury yields rose as investors reaffirmed expectations of an interest-rate hike later this year. U.S. stocks fell after the report.

Source : Bloomberg

Chinese Stocks Fall in Hong Kong on Trade Data Amid IPO Concern

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Chinese stocks fell in Hong Kong trading, led by energy and financial companies, after trade data missed economists™ estimates and concern grew that new share offerings will divert funds from existing shares.

Hong Kong™s Hang Seng China Enterprises Index slipped 0.5 percent to 11,638.29 at 9:39 a.m., dragged down by losses for Haitong Securities Co. and China Shenhua Energy Co. The Shanghai Composite Index dropped 0.1 percent, the CSI 300 Index added 0.2 percent, while the Hang Seng Index lost 0.7 percent.

Imports fell by the most in more than five years in January, declining 19.9 percent from a year earlier, the customs administration in Beijing said Sunday. That compared with estimates for a 3.2 percent drop in a Bloomberg survey of analysts. Exports slid 3.3 percent, leaving a record trade surplus of $60 billion.

The Shanghai gauge is valued at 11.5 times 12-month projected earnings, the lowest level since Dec. 24, according to data compiled by Bloomberg. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, retreated 2 percent in New York on Feb. 6.

Source : Bloomberg