Spreadex Market Update
Oil slips on Saudi news, markets maintain minor gains
The FTSE managed to maintain the very slight gains it had made this morning until close. This was despite more bad news for oil that meant the commodity fell once more. Normally this would weigh heavy on the FTSE’s significant energy-sector, but the UK index managed to factor in the continued weak performance of oil to slink to its 2014 close. Whilst the FTSE has fallen since the start of the year, it has ended 2014 in a manner better than could have been hoped for at the start of oil’s long price decline.
Brent Crude oil suffered another unexpected blow today, as news that Saudi Arabian King Abdullah has been hospitalised caused the commodity to slip further to nearly $56 per barrel, with US crude inventories on the way. Instability in Saudi Arabia would potentially not bode well for oil, despite the Saudis instance that OPEC does not need to cut oil production. Saudi Arabia’s importance in the oil world means that, regardless whether it is oil’s current friend or foe, bad news from the country will most likely negatively affect the commodity.
Finally, US futures are pointing to a rebound from yesterday’s slump; barring a disastrous afternoon of US data, the Dow Jones is on track for its 6th straight year of gains, with the S&P500 and NASDAQ on track for their 5th yearly gain out of the past 6 years. As long as the US markets can weather the unemployment claims and Chicago PMI, the Dow Jones et al. are in for a cheery end to 2014.
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