Brent crude jumped to a 32-month high above $125 on Friday as commodities climbed in unison on a weaker dollar after attacks on Libyan oil fields made long-term supply cuts more likely.
Oil hit a 32-month high above $124 Friday after attacks on Libyan oil fields raised the prospect of long-term supply cuts, with commodities in general rising on optimism global economic recovery will fuel demand.
Oil hit a 32-month high near $125 on Friday after attacks on Libyan oil fields raised the prospect of long-term supply cuts, with commodities in general rising on optimism global economic recovery will fuel demand.
Euro zone finance ministers told Portugal on Friday that it would have to implement new economic reforms that went beyond those proposed by its outgoing government if it hoped to secure aid from the EU and IMF.
U.S. stocks posted modest losses Thursday after another major earthquake rattled Japan's northeastern coast, but retailers climbed following surprisingly strong March sales.
Stock index futures pointed to a higher open on Wall Street on Friday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.3-0.4 percent.
U.S. stocks declined on Thursday after reports of another earthquake hitting Japan in less than a month, but markets were off their lows after a tsunami warning was lifted.
Oil prices ended at 2-1/2-year highs on Thursday as supply worries tied to fighting in Libya and Middle East turmoil overshadowed demand concerns spurred by a boost in euro zone interest rates and as a major aftershock struck Japan.
The European Central Bank raised interest rates for the first time since the 2008 financial crisis on Thursday and signaled it was ready to tighten policy further if needed to check rising prices.
Brent crude futures dipped on Thursday, as investors worried after five days of gains that oil had become expensive enough to crimp economic growth and cut demand.
Physical Gold Investment prices held near yesterday's new all-time Dollar highs in London trade on Thursday, rising toward 3-week highs in Euro terms even as the European Central Bank made good on its promise to raise Eurozone base rates.
Portugal will formalize its request for a European Union rescue package that could reach 85 billion euros ($122 billion) on Thursday and a deal could be reached before a June 5 election, officials said.
The European Commission expects a formal request from Portugal for aid soon and a deal will probably be agreed to ease its debt crisis before a new government is elected on June 5, officials said on Thursday.
The European Central Bank raised interest rates by 25 basis points to 1.25 percent on Thursday, announcing its first hike since July 2008 to counter firming inflation pressures in the 17-country euro zone.
Diego Iscaro, senior economist at IHS Global Insight , warns that the bailout will not solve Portugal’s economic woes.
The European Central Bank raised interest rates for the first time since the 2008 financial crisis on Thursday but signaled it was not necessarily the start of a series of similar steps.
Wall Street stocks were set to open slightly higher on Thursday as positive labor market and same-store sales data brightened the outlook for consumer spending, a pillar of the U.S. economy.
These Are My People!, an exhibition honoring Sousa Mendes, who helped 30,000 refugees escape the horrors of World War II by creating a route through Spain to Portugal, will be open to visitors.
Brent crude futures dipped on Thursday after five days of gains, hovering around $122 a barrel on concerns that strong prices could crimp demand, with the European Central Bank lifting rates to control inflation.
The European Central Bank raised interest rates by 25 basis points to 1.25 percent on Thursday, announcing its first hike since July 2008 to counter firming inflation pressures in the 17-country euro zone.
U.S. stock index futures were little changed on Thursday before data on the labor market and same-store sales, which could offer clues about the outlook for U.S. consumer spending.
The European Central Bank is poised to raise interest rates from a record low 1.0 percent on Thursday and more is likely to follow but, fearful of heaping more pain on the euro zone's stragglers, it will give few clues about when the next move will come.
