Print Edition - 2017-03-11  |  Money Digest

US oil slides below $50

- AFP, NEW YORK

Mar 11, 2017-

Oil prices took a battering on Thursday, with US prices falling below $50 a barrel for the first time this year, amid worries about increased American shale production in the wake of ramped-up capital investment. The euro meanwhile rallied against the dollar as the European Central Bank said it no longer saw a deflation threat and noted signs on a improving eurozone economy. Equity markets in Paris and Frankfurt rose modestly following the ECB meeting, while US stocks ended flat ahead of a labor market report. Japan’s Nikkei snapped a four-day losing streak as exporters got a lift from the cheaper yen. Both main oil futures contracts slumped to lows not seen since the end of last year. US benchmark West Texas Intermediate for April delivery, slid $1 to $49.28 a barrel, its first close under $50 since December 7. 

Published: 11-03-2017 08:59

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