Oil hovers at $79 as traders eye equities

SINGAPORE: Oil prices hovered for a second day near $79 a barrel Tuesday in Asia as investors weighed a three-day stock market rally against signs of sluggish U.

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Oil hovers at $79 as traders eye equities

Oil hovers below $78 in Asia

SINGAPORE: Oil prices hovered below $78 a barrel Wednesday in Asia after a report showed U.

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Oil hovers below $78 in Asia

Asian stocks lifted by Wall Street, China trade

TOKYO: Asian stock markets rose Monday, lifted by robust Chinese trade figures that eased worries the global recovery is losing momentum.

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Asian stocks lifted by Wall Street, China trade

Oil hovers above $76 in Asian trade

SINGAPORE: Oil prices hovered near $76 a barrel Monday in Asia as investors look to second quarter company earnings reports this week for clues about the strength of the U.

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Oil hovers above $76 in Asian trade

Oil hovers near $72 in Asia

SINGAPORE: Oil prices hovered near $72 a barrel Wednesday in Asia as traders look to weekly crude supply data for signs of recovering U.

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Oil hovers near $72 in Asia

Oil hovers below $78 after US crude supplies jump

SINGAPORE: Oil prices hovered below $78 a barrel Wednesday in Asia after a report showed an unexpected jump in U.

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Oil hovers below $78 after US crude supplies jump

Oil hovers above $75 as investors eye demand

SINGAPORE: Oil prices hovered above $75 a barrel Tuesday in Asia as traders mulled whether the recovery of the global economy is strong enough to sustain improving crude demand.

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Oil hovers above $75 as investors eye demand

Euro slides as doubts emerge, Aussie recovers

SYDNEY: The euro fell on Monday, resuming its slide toward recent one-year lows, as fiscal worries about the broader euro zone returned and the initial relief from a bailout package for debt-stricken Greece fizzled out.

Growth-linked currencies like the Australian dollar, however, recouped earlier losses made in a knee-jerk reaction to China”s move to tighten policy.

The euro fell to as low as $1.3206 in Asian trade, losing 0.8 percent from $1.3313 late on Friday. It had rallied to as high as $1.3359 in early trade in Asia, before losing all those hard-earned gains.

Traders reported stop-loss selling below $1.3220 with the single currency making an outside trading day on the charts, suggesting a bearish trend is in store.

More stops are lined up around $1.32 and it all depends on how Portuguese and Spanish debt spreads trade when Europe opens. If they blow out, the euro could fall further, traders said. It had hit a one-year low of $1.3114 last week.

“The bailout package is turning out to be a 10-tonne weight around the euro,” said David Scutt, a forex trader at Arab Bank Australia in Sydney. “It is a classic case of buy the rumor and sell the fact.

The euro also fell on the yen, dropping to 124.19 yen, from 125.06 yen late on Friday. Trade is expected to be light due to holidays in Japan, China and the UK.

The euro is down about 7 percent against the greenback since the start of the year as fears about a default by Greece and concerns it will spread to other southern European countries drove speculators to go short on the single currency.

Latest data from the Commodity Futures Trading Commission showed speculators had run up record short positions against the euro in the week to April 27 as uncertainty over the Greek debt crisis mounted.

On Sunday, European finance ministers agreed to a record 110 billion ($147 billion) bailout package for Greece. They approved a three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19.

The plan still needs to be approved by German politicians and the tough conditions will be hard for many Greeks to swallow. The loans to Greece are linked to progress in austerity measures promised by Athens, a condition many investors are wary of.

“Shorts are too large to give the currency much downward momentum, but policy is too unpredictable to bet on a sustained euro recovery,” JP Morgan said in a note.

The euro”s losses saw the dollar index .DXY rise 0.4 percent to 82.22.

The U.S. dollar slipped on the yen, easing to 93.88 yen, from around 93.94 yen late on Friday. The U.S. dollar had fallen to 93.85 yen in early trade, hurt by a bout of selling on the Aussie/yen cross, traders said.

The Australian dollar recovered from an early low of $0.9210, to trade at $0.9245. Sentiment toward commodity-linked currencies was hurt early by China”s decision to raise banks” reserve requirements by 50 basis points at the weekend.

Also, weighing on the Aussie initially was the Australian government”s plan to levy a super tax on resource companies of 40 percent. Traders said, buying by U.S. entities supported the Aussie, leading to a short squeeze.

Sterling extended losses, falling to $1.5256 from $1.5311 late on Friday, with weekend opinion polls suggesting that no political party had a big enough lead to guarantee an outright parliamentary majority in Britain”s May 6 election.

Analysts say a lack of majority in parliament could hinder plans for Britain to get its fiscal house in order and would weigh on the pound in the short term. Near support is seen at around $1.5220, the hourly support on April 29.

Govt likely to set mango export target at 150k tonnes

KARACHI: It is expected that export target of 150,000 tonne mangoes during current year will be achieved as government has allowed to export mangoes from May 15.

Chairman Fruits and Vegetable Exporters Association Waheed Ahamd said this while talking to Geo News. He said exporters have requested the government to grant export permission because of early start of summer season. The government has allowed export of mangoes from May 15. New markets of China, Russia and Poland have been explored this for the import, he added.

Oil hovers at $86 in Asia

SINGAPORE: Oil prices hovered near $86 a barrel Monday in Asia as traders eyed whether a massive crude spill in the Gulf of Mexico would slow imports to the U.S. Benchmark crude for June delivery was down 9 cents to $86.06 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

The contract rose 98 cents to settle at$86.15 on Friday. Oil is near an 18-month high of $87, last touched in early April.

In other Nymex trading in May contracts, heating oil fell 0.27cent to $2.312 a gallon, and gasoline slipped 0.57 cent to $2.3937 a gallon. Natural gas jumped 2.0 cents to $3.940 per 1,000 cubic feet. In London, Brent crude was down 8 cents at $87.36 on the ICE futures exchange.

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