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ASX Smashed Again as Oil Hits $US99 a Barrel
Oil prices rose 5%, reaching $92.18 a barrel amid Iran conflict despite IEA's historic release of 400 million barrels from emergency reserves, impacting ASX and global markets.
- This morning, the Australian sharemarket was poised to open lower as ASX 200 futures pointed down 59 points to 8671 near 6.30am AEDT.
- The International Energy Agency said members will release a record 400 million barrels from emergency reserves Wednesday, while US strikes on Iranian minelaying vessels and Iran's vows to block Gulf exports raised supply fears.
- Brent crude climbed 5 per cent while US crude gained 4.7 per cent, coinciding with a fresh ASX slump on Thursday.
- Rising oil lifted Treasury yields and intensified stagflation concerns as the S&P 500 traded modestly lower in New York amid shifting war rhetoric.
- Analysts warn oil could soon reach $US120-150 a barrel as Gulf storage tanks fill and oil producers cut output, potentially prolonging the supply shock.
Insights by Ground AI
13 Articles
13 Articles
The rising oil prices prove to be a poison to any interest-cutting hope. Also the buying mood of US investors is slowed down. Trump's indications of an early end to the war and the release of larger oil reserves are not enough to drive away nervousness on Wall Street.
Sydney Morning Herald+2 Reposted by 2 other sources
ASX slumps again as oil prices keep rising; Tech stocks fall after Atlassian job cuts
The market rollercoaster continues, wiping another $35 billion off the ASX in a broad sell-off as oil prices spiked again above $US100 a barrel.
·Sydney, Australia
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
Factuality
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