53 Mins Ago
Oil and gas companies lead gains; sector up 3.8%
Oil and gas companies topped the Stoxx 600 index in early trading after OPEC+ announced surprise oil supply cuts Sunday.
Scotland-based Harbour Energy led the pack with a 6.8% uptick, followed by Portugal’s Galp Energia, which was up 5.2%. The eight companies with the biggest increases were all oil and gas-based, including energy giants BP and Shell, which both gained more than 4%.
See Chart…
Graph to show Harbour Energy’s share price.
The oil and gas sector as a whole was up 3.8%.
— Hannah Ward-Glenton
8 Hours Ago
Oil futures surge at open after OPEC announces surprise cut
Oil futures surged as much as 8% at the open after OPEC+ members announced to cut a total of more than 1 million barrels per day to extend through the end of 2023.
Brent crude futures last rose 5.98% to $84.67 a barrel and U.S. West Texas Intermediate crude futures (WTI) jumped 6.04% to $80.24 a barrel.
This comes after oil prices rebounded last week and saw a week-to-date gain of more than 9%.
The latest announcement is an “an unwelcome start to the new week for risk markets and policymakers still dealing with sticky inflation and the fallout of the recent banking crisis,” IG’s Tony Sycamore said in a Monday note.
National Australia Bank added that the unexpected announcement will likely add pressure to European economies, where core inflation rose slightly last month.
6 Hours Ago
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4 Hours Ago
Analysts warn of $95 per barrel and above following OPEC+ output cuts
Analysts are forecasting as much as 20% upside to oil prices following OPEC’s surprise output cuts of 1.16 million barrels per day.
“OPEC+’s plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and Russia’s output cuts as a retaliation move against western sanctions,” CMC Markets’ analyst Tina Teng told CNBC.
In October last year, the oil cartel announced its decision to cut output by two million barrels per day.
“However, unlike [the cut in October], the momentum for global oil demand is up, not down with a strong China recovery,” Goldman Sachs said in a note.
That could nudge up Goldman’s Brent forecasts by $5 per barrel to $95 per barrel for December 2023, the investment bank said in a note after the surprise decision overnight.
—Lee Ying Shan
3 Hours Ago
CNBC Pro: Here’s what history indicates is in store for U.S. and global stocks in April
Fri, Mar 31 2023 9:46 AM EDT
Gold on pace for best month since 2020
Gold is on pace to post a monthly price gain that hasn’t been seen in more than two years.
With just Friday’s session left in the March trading month, gold is on pace to finish 9% higher. That would be its best monthly performance since July 2020, when the metal rallied 10.3%
If a Friday selloff pushes its monthly advance below 7.8%, March would instead become the metal’s best month since May 2021.
Gold prices were steady early Friday.
— Alex Harring, Gina Francolla
4 Hours Ago
European markets: Here are the opening calls
European markets are heading for a mixed open Monday.
The U.K.’s FTSE 100 index is expected to open 13 points higher at 7,651, Germany’s DAX 26 points lower at 15,614, France’s CAC up 3 points at 7,331 and Italy’s FTSE MIB 49 points lower at 26,590, according to data from IG.
Data releases include new car registration figures for Spain and the U.K. in March and Swiss inflation figures for the same month.
— Holly Ellyatt
