Oil, copper jump on China easing, Greece hopes


20/02/2012 09:07 AST  Guardian.co.uk

Oil jumped to multi-month highs and copper rebounded on Monday, as investors flocked to riskier assets after China's first bank reserve requirement cut for this year spurred hopes for improved liquidity in the world's top importer of most commodities.

Commodities also tracked euro's gains as the dollar weakened on expectations euro zone finance ministers will approve a second bailout for Greece later in the day.

Oil also got a lift from news that Iran has halted crude exports to Britain and France although the move was largely symbolic as Tehran did not export much to UK and French firms.

The key driver was China's Saturday announcement that it would cut the amount of cash banks need to park with the central bank in a bid to boost lending, joining global counterparts in stimulating economic growth.

The 50-basis point cut, which will free up between 350-400 billion yuan ($55.6-$63.5 billion) in additional liquidity, was the second reduction in Chinese banks' reserve requirement ratio (RRR) since November and takes effect on Feb. 24.

For more on this Click Here

Crude Oil News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
GFH 0.21
SECO 14.74 5,260,462
DARALARKAN 12.5 47,357,023
ADIB 6.78 826,911
NBAD 15.05 1,349,794
MASQ 120
BARKA 0.78
Recent News

U.S. offers to cut tariffs on 99.5% of goods under TPP
WASHINGTON (Kyodo) -- The United States has proposed eliminating tariffs on 99.5 percent of goods imported from Japan, as it presses Tokyo to scrap tariffs even on agricultural products to clinch a 1

UK £50bn better off thanks to quantitative easing, says economist
Britain's economy is £50bn better off as a result of the Bank of England's decision to pump in money in the wake of the global financial meltdown, one of its most senior economists has argued.

Dollar Barely Budges Ahead Of Easter Break
The dollar was narrowly mixed in quiet dealing versus other majors on Thursday, as traders got a head start on the Easter holiday.

There was little reaction to the day's economic news, in

Japan Tertiary Industry Index Plunges In February
An index measuring tertiary industrial activity in Japan was down a seasonally adjusted 1.0 percent on month in February, the Ministry of Economy, Trade and Industry said on Friday - standing at 100

March non-oil exports weaker than expected
NON-OIL domestic exports (NODX) for March were weaker than expected, but it doesn't necessarily mean the official estimate for the first quarter's economic growth will be adjusted down further.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?