Aust dollar slips below US83c

The Australian dollar is back below US83c as oil prices come under further pressure after OPEC cut its 2015 demand forecast.At 7am (AEDT) on Thursday, the local currency was trading at US82.90c, down from US83.20c on Wednesday."Oil was the big story of the night, down again large," National Australia Bank senior economist David de Garis said."Brent crude was down... to $US63.40 as OPEC...

WTI Trades Near $61 as Saudis Question Need for Production Cut

West Texas Intermediate traded near $61 a barrel as Saudi Arabia questioned the need for an output cut, adding to signs OPECs biggest member will defend market share.Futures were little changed in New York after declining 4.5 percent yesterday, the most since Nov. 28. The market will correct itself, Saudi Arabian Oil Minister Ali Al-Naimi said. The Organization of Petroleum Exporting Countries reduced a forecast for how much crude it...

Japan Stocks Fall on Oil Plunge as Yen Advances for Fourth Day

Japanese stocks fell after oil prices dropped to a five-year low and as the yen strengthened for a fourth day, driving down energy shares and exporters. The Topix index declined 1.5 percent to 1,386.01 as of 9:05 a.m. in Tokyo, headed for a third day of losses, with all but one of its 33 industry groups dropping. The Nikkei 225 Stock Average tumbled 1.4 percent to 17,171.49. The...

U.S. Stocks Fall Most Since October as Energy Renews Selloff

U.S. stocks fell, with the Standard & Poors 500 Index sinking the  most in seven weeks, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude. The S&P 500 lost 1.6 percent to 2,026.15 at 4 p.m. in New York, the lowest since Nov. 5. The benchmark gauge has slumped 2.4 percent over the past three days, after reaching a record on Dec. 5. The Dow Jones Industrial Average dropped 267.67 points,...

U.S. Stocks Fall as Energy Shares Renew Selloff on OPEC Forecast

U.S. stocks fell, extending the weeks decline for the Standard & Poors 500 Index, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude. ConocoPhillips, Exxon Mobil Corp. and Chevron Corp. lost more than 2.2 percent. The five worst performers in the S&P 500 were energy companies. Yum! Brands Inc. sank 4.8 percent after cutting its 2014...