Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.
Brent crude futures, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
In stocks, Asian shares eased on Monday, with investor sentiment hurt by a retreat on Wall Street and sliding Chinese stocks, while the euro skidded after German coalition talks hit an impasse.MSCI’s broadest index of Asia-Pacific shares outside Japan extended losses and was down 0.2 percent.
In the Middle East, stock markets generally fell on Sunday.The Saudi stock index fell 0.6 percent. Among the biggest losers was Al Tayyar Travel which sank a further 5.2 percent.
Kingdom Holding also dropped 3.1 percent.
In Abu Dhabi, the index fell 1.1 percent as Abu Dhabi National Energy Co slid 4.6 percent in very thin trade and Dana dropped 4.2 percent in heavy trade.
Dubai's index fell 1.1 percent as Emaar Properties lost 1.2 percent.
Courier firm Aramex dropped 3.6 percent to 4.55 dirhams, confirming a break below technical support at its September low of 4.75 dirhams.
Egypt's main index dropped 0.8 percent.
In currencies, the euro hit a two-month low against the yen on Monday, as German Chancellor Angela Merkel’s efforts to form a three-way coalition government failed, stoking political uncertainty in the euro zone’s largest economy.The euro slid broadly in early Asian trade after the break down of the German coalition talks, but later pared some of its losses.
The euro fell 0.5 percent against the dollar to $1.1735, pulling away from a one-month high of $1.1862 set on Wednesday last week.
Gold prices dipped early on Monday, weighed down by a stronger U.S. dollar, but held close to a one-month high hit in the previous session.
In other news, average yields on Egypt's three- and nine-month treasury bills rose at an auction on Sunday, central bank data showed.
Japanese Prime Minister Shinzo Abe said on Monday that the government and the central bank would work closely together and take all necessary steps to defeat deflation.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
Brent crude futures, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
In stocks, Asian shares eased on Monday, with investor sentiment hurt by a retreat on Wall Street and sliding Chinese stocks, while the euro skidded after German coalition talks hit an impasse.MSCI’s broadest index of Asia-Pacific shares outside Japan extended losses and was down 0.2 percent.
In the Middle East, stock markets generally fell on Sunday.The Saudi stock index fell 0.6 percent. Among the biggest losers was Al Tayyar Travel which sank a further 5.2 percent.
Kingdom Holding also dropped 3.1 percent.
In Abu Dhabi, the index fell 1.1 percent as Abu Dhabi National Energy Co slid 4.6 percent in very thin trade and Dana dropped 4.2 percent in heavy trade.
Dubai's index fell 1.1 percent as Emaar Properties lost 1.2 percent.
Courier firm Aramex dropped 3.6 percent to 4.55 dirhams, confirming a break below technical support at its September low of 4.75 dirhams.
Egypt's main index dropped 0.8 percent.
In currencies, the euro hit a two-month low against the yen on Monday, as German Chancellor Angela Merkel’s efforts to form a three-way coalition government failed, stoking political uncertainty in the euro zone’s largest economy.The euro slid broadly in early Asian trade after the break down of the German coalition talks, but later pared some of its losses.
The euro fell 0.5 percent against the dollar to $1.1735, pulling away from a one-month high of $1.1862 set on Wednesday last week.
Gold prices dipped early on Monday, weighed down by a stronger U.S. dollar, but held close to a one-month high hit in the previous session.
In other news, average yields on Egypt's three- and nine-month treasury bills rose at an auction on Sunday, central bank data showed.
Japanese Prime Minister Shinzo Abe said on Monday that the government and the central bank would work closely together and take all necessary steps to defeat deflation.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
