Aust dollar slumps below US70c

The Australian dollar is weaker against the US dollar, as the resumed fall in oil and base metal prices weighs. At 7.25am (AEDT), the local unit was trading at US69.65c, down from US70.17c on Friday. Oil prices fell more than 5 per cent on concerns of oversupply after news that Iraq’s output reached a record in December. Source: businessspectato...

Oil Drops as Saudis to Maintain Spending, China Diesel Use Falls

Oil dropped after Saudi Arabia, the world’s biggest crude exporter, said low prices won’t reduce its spending on energy projects and China’s diesel demand fell for a fourth consecutive month. Futures tumbled 5.8 percent in New York. Saudi Arabian Oil Co., also known as Saudi Aramco, is maintaining its investment plans despite the rout in the crude market, Chairman Khalid Al-Falih said Monday. Diesel use in China dropped 5.6 percent...

U.S. Stocks Fall With Energy Shares Leading as Oil Resumes Slide

U.S. stocks fell, with declines accelerating in the final hour after crude oil extended its selloff, as equities lost momentum following their first weekly advance this year. The Standard & Poor’s 500 Index declined 1.6 percent to 1,877.34 at 4 p.m. in New York, erasing three-quarters of a rally Friday that saw the gauge cap the best back-to-back gains in three months. Energy shares in the benchmark fell the most since August. Equities...

U.S. Stocks Decline as Crude Slump Worsens; Bonds, Gold Advance

U.S. stocks halted a two-day rally as renewed declines in the price of crude set the tone on global financial markets, dragging down currencies of resource exporters and stoking demand for havens from gold to Treasuries. The Standard & Poor’s 500 Index followed European shares lower after American crude’s slide approached 5 percent, undoing part of a 21 percent surge in oil to end last week. Emerging-market shares headed for the...

European Stocks Halt Rebound as Banks, Commodity Producers Slide

Declines in commodity shares and lenders put an end to a rally in European stocks. The Stoxx Europe 600 Index fell 0.6 percent at the close of trading in London. Seadrill Ltd. led the slide, tumbling 8.9 percent as oil fell after the world’s biggest crude exporter said it’s keeping up investments in energy projects. A gauge of miners also dropped, while lenders slid the most among industry groups. The rout in commodity prices is once...