Oil Heads for Biggest Weekly Gain Since 2011 Amid Slowing Output

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Oil headed for the biggest weekly gain in more than four years amid signs a slowing in U.S. production may trim the biggest supply glut since 1930.

Futures were little changed in New York and poised for a 9.6 percent advance through April 17, the most since February 2011. Crude output dropped last week while supply from shale formations is forecast to decline in May, according to the Energy Information Administration. The U.S. Senate reached an agreement on the path forward for a bill on Iran that may give lawmakers a chance to review a deal on its nuclear program.

Oil has rebounded about 30 percent from a six-year low in March amid signs the idling of drill rigs in the U.S. is spurring a production slowdown that may ease the surplus. The rally may still falter as crude stockpiles continue to expand to the highest level in 85 years.

West Texas Intermediate for May delivery was at $56.61 a barrel in electronic trading on the New York Mercantile Exchange, down 10 cents at 9:04 a.m. Sydney time. The contract rose 32 cents to $56.71 on Thursday. The volume of all futures traded was about 91 percent below the 100-day average.

Brent for June settlement gained 66 cents, or 1 percent, to $63.98 a barrel on the London-based ICE Futures Europe exchange on Thursday. The European benchmark crude ended the session at a premium of $5.87 to WTI for the same month.

Source: Bloomberg

Dollar Drops Most in 3 Weeks on Signs Economy Is Losing Momentum

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The dollar dropped the most in more than three weeks on concern the U.S. economy, one of the strongest among developed countries, has lost traction this year.

The greenback fell against all of its major peers as reports on housing starts and jobless claims were weaker than projected, adding to below-forecast readings for American factories, payrolls and retail sales. The dollar’s decline was the most pronounced against so-called commodity currencies, including the Swedish krona and Australia’s dollar.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, fell 0.8 percent to 1,184.93 at 3:22 p.m. New York time. The decline was the largest on a closing basis since March 23. The index is up 4.8 percent this year, after gaining 11 percent in 2014.

Source: Bloomberg

S&P 500 Fluctuates as Netflix Surges; Dollar, Greek Bonds Slide

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U.S. stocks fluctuated as Netflix Inc. boosted consumer shares, while chipmakers tumbled. Greek bonds fell as pressure mounted for the country to secure funding, while oil pared losses and copper soared.

The Standard & Poor’s 500 Index lost 0.1 percent at 1:01 p.m. in New York, after closing 0.5 percent below an all-time high. Netflix surged 16 percent to a record, while a semiconductor gauge lost 0.6 percent. The Stoxx Europe 600 Index dropped 0.7 percent from an all-time high. The yield on Greece’s 10-year bond increased to the highest in more than two years. The Bloomberg Dollar Spot Index slid for a third day. Oil in New York was little changed after earlier sliding more than 2 percent.

Netflix rallied on higher subscriber numbers, while a weak sales forecast sent SanDisk Corp. lower by 5.4 percent. The dollar slipped as reports showed U.S. housing starts rose less than forecast in March while initial jobless claims unexpectedly gained last week, adding to signs growth is losing momentum. Oil has rallied more than 16 percent in April. Greece is facing a financing crunch that Germany’s Finance Minister says isn’t likely to be resolved before a meeting of euro-area lawmakers next week.

Source: Bloomberg

U.S. Stocks Little Changed Amid Earnings; Dollar Slips on Data

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U.S. stocks were little changed near records as Netflix Inc. rallied, while SanDisk Corp. led chipmakers lower. Greek bonds fell as pressure mounted for the country to secure funding and copper soared.

The Standard & Poor’s 500 Index lost 0.1 percent at 4 p.m. in New York, after rising within 0.3 percent of its all-time high. Netflix surged 17 percent to a record. Oil was little changed after earlier sliding more than 2 percent. The Stoxx Europe 600 Index dropped 0.7 percent from an all-time high. The yield on Greece’s 10-year bond increased to the highest in more than two years. The Bloomberg Dollar Spot Index slid for a third day.

Netflix rallied on higher subscriber numbers, while the Philadelphia Semiconductor Index slipped 0.5 percent as SanDisk forecast missed estimates. The dollar fell as reports showed U.S. housing starts rose less than estimated in March while initial jobless claims unexpectedly gained last week, adding to signs growth is losing momentum. Oil has rallied more than 16 percent in April. Greece is facing a financing crunch that Germany’s Finance Minister says isn’t likely to be resolved before a meeting of euro-area lawmakers next week.

Source : Bloomberg

European Stocks Fall as Germany, Italy, Portugal Lead Declines

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European stocks fell the most in three weeks, with German, Italian and Portuguese gauges leading declines.

The Stoxx Europe 600 Index slid 0.8 percent to 410.93 at the close of trading in London. Germany’s DAX Index, Portugal’s PSI 20 Index and Italy’s FTSE MIB Index slipped at least 1.8 percent. Chemical companies fell the most of the 19 industry groups on the Stoxx 600.

Diageo Plc fell 3.6 percent after saying sales unexpectedly slipped in the third quarter as business deteriorated across Europe, Asia and Latin America. Unilever advanced 2.6 percent after the maker of Magnum ice cream reported first-quarter sales growth that beat estimates. Renault SA rose 2.9 percent, for the biggest gain among automakers.

The Stoxx 600 has rallied 20 percent this year. It ended Wednesday at a fresh peak after European Central Bank President Mario Draghi said monetary policy is helping the economic recovery and quantitative easing will continue until there’s a sustained improvement in inflation.

Source : Bloomberg