Oil tumbles after deadlock in Doha

Al eyes were on the Doha meeting over the weekend where oil producing countries met to negotiate an output freeze.

Failure to reach a deal to limit oil production and Iran’s refusal to join any agreement disappointed the markets and oil prices tumbled at the open on Monday. Meanwhile, commodity-linked currencies such as the Canadian and Australian dollars, also suffered.

US oil futures fell 6.7 percent to $37.68 a barrel, while Brent futures slipped 6.7 percent to $40.18 a barrel. Prior to the meeting, oil pries were rising last week to above $40 a barrel due to hopes for a deal this weekend.

Commodity currencies such as the Canadian dollar weakened on the news while investors rushed to buy safe haven currencies like the Japanese yen.

The Canadian dollar fell 1 percent as USDCAD rose to $1.2957 Canadian dollars. AUDUSD eased to $0.7594, also down 1 percent.

The yen gains on safe haven flows, pushing USDJPY to a near 18-month low of 107.63 yen, while EURJPY fell to a three-year low to below 122.00 yen, for the first time since April 2013.

The post Oil tumbles after deadlock in Doha appeared first on FXTM Blog.

Source:: Oil tumbles after deadlock in Doha

Won't your trader friends like this?
Forex Time
About the Author
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC. Our mission is to maximize the value our clients derive from their most precious commodity, "Time"! By offering advanced and innovative services, optimal customer care and perpetual devotion to our clients, we will ensure that their individual needs are always met as markets continue to evolve over time. Visit ForexTime to learn more www.forextime.com [space height="20"] [social type="facebook"]https://www.facebook.com/ForexTime[/social] [social type="twitter"]https://twitter.com/ItsForexTime[/social] [social type="google-plus"]https://plus.google.com/u/0/+ForextimeFXTM/posts[/social] [social type="youtube"]https://www.youtube.com/user/ItsForexTime[/social]

Related Posts

Leave a Reply

*