Crude drops; dollar up with eyes on central banks

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, March 14, 2016.

A gauge of stocks across the globe ticked up on Monday, with Wall Street shares again tracking the price of oil lower and Europe up on bets banks will benefit from monetary policy.
 Oil prices fell as Iran dashed hopes of a coordinated production freeze any time soon, returning the focus to the supply glut that has sent prices crashing.

Energy sector stocks were the largest weight on the S&P 500, which was down for only the second session in 10.

"You have a little pullback this morning and I don't see it as anything more than that, unless something material, i.e. the Fed goes back on their word, come Wednesday," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

The Dow Jones industrial average .DJI rose 5.21 points, or 0.03 percent, to 17,218.52, the S&P 500 .SPX lost 3.93 points, or 0.19 percent, to 2,018.26 and the Nasdaq Composite .IXIC added 5.01 points, or 0.11 percent, to 4,753.48.

The pan-European FTSEurofirst 300 index .FTEU3, which had climbed 2.7 percent on Friday, was up 0.8 percent. MSCI's gauge of stocks across major markets .MIWD00000PUS ticked up less than 0.1 percent.

Attention switches this week to policy decisions from the Bank of Japan (BOJ), the U.S. Federal Reserve and the Bank of England, among others. They follow last week's interest rate cut, asset-purchase program extension and new cheap loans for banks pledge at the European Central Bank.

The Fed, which ends its two-day policy meeting on Wednesday, has said it is on track to raise rates gradually in 2016, but this will hinge on the health of the economy. Recent data has shown above-forecast jobs creation but wage growth remains a concern.

The BOJ began a two-day policy meeting on Monday and is expected to keep policy unchanged after adopting negative interest rates in late January.

The euro EUR=, which rose last week after ECB President Mario Draghi signaled further rate cuts were unlikely, fell 0.5 percent on Monday to $1.1096, having set a three-week high of $1.1217 on Thursday. The yen JPY= strengthened less than 0.1 percent to 113.70 per U.S. dollar. Sterling GBP= fell 0.4 percent to $1.4329. The dollar index .DXY rose 0.4 percent.

"It seems like the market has sort of stabilized itself in the former trading range we had before Draghi made the market move in such a fashion," said Fabian Eliasson, vice president for currency sales at Mizuho Corporate Bank in New York.

"I think everything this week is going to be wait-and-see until Wednesday, leading up to the Fed decision," he said.

Brent crude oil LCOc1, whose rise has helped buoy stocks in recent weeks, fell below $40 a barrel, after Iran's oil minister said on Sunday the OPEC member would join discussions only once its own output reached 4 million barrels a day, about twice its current output.

Brent last traded at $39.37, down 2.5 percent.
U.S. crude fell 4 percent to $36.95 per barrel.

The benchmark 10-year note US10YT=RR rose 8/32 in price to yield 1.9503 percent from 1.977 percent on Friday.

Spot gold XAU slipped 0.3 percent, last trading at $1,244.

(Reporting by Rodrigo Campos; Additional reporting by Dion Rabouin and Gertrude Chavez-Dreyfuss in New York and Karolin Schaps in London; Editing by Nick Zieminski)

– China has shown interest in importing more crude oil from Nigeria. – The country and Nigeria have a strong economic relationship – President Buhari’s planned visit to China is expected to boost relationship between both countries In what might be perceived as a welcomed development, China has said that it would need more crude oil from Nigeria. NAN reports that Zao LingXiang who is the economic and commercial counsellor of the Chinese embassy in Nigeria made this declaration in Abuja. READ ALSO; Nigeria’s Gross Domestic Product grew by 2.11% – NBS In 2015, the total amount of crude oil export to China was only about one million barrels which was just 1.3 per cent of Nigerian annual export. He said: “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.” He explained that current trade volume between Nigeria and China was $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. ““China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. READ ALSO: $16 billion oil revenue loss traced to corrupt officials “Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” LinXiang said that in the area of infrastructure, the two countries had made significant development. He said that President Muhammadu Buhari is expected to visit China in April and that this visit would facilitate the implementation of agreements reached at the 2015 China-African summit which took place in South Africa. The economic counselor explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. “The amount in import from Africa to China declined but did not decline remarkably. “Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said. Meanwhile, there seems to be a ray of hope for the Nigerian economy as the price of crude oil continues to ride steadily. Oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark. Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
Read more: https://www.naij.com/762937-good-news-china-shows-interest-nigerian-oil.html

– China has shown interest in importing more crude oil from Nigeria. – The country and Nigeria have a strong economic relationship – President Buhari’s planned visit to China is expected to boost relationship between both countries In what might be perceived as a welcomed development, China has said that it would need more crude oil from Nigeria. NAN reports that Zao LingXiang who is the economic and commercial counsellor of the Chinese embassy in Nigeria made this declaration in Abuja. READ ALSO; Nigeria’s Gross Domestic Product grew by 2.11% – NBS In 2015, the total amount of crude oil export to China was only about one million barrels which was just 1.3 per cent of Nigerian annual export. He said: “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.” He explained that current trade volume between Nigeria and China was $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. ““China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. READ ALSO: $16 billion oil revenue loss traced to corrupt officials “Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” LinXiang said that in the area of infrastructure, the two countries had made significant development. He said that President Muhammadu Buhari is expected to visit China in April and that this visit would facilitate the implementation of agreements reached at the 2015 China-African summit which took place in South Africa. The economic counselor explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. “The amount in import from Africa to China declined but did not decline remarkably. “Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said. Meanwhile, there seems to be a ray of hope for the Nigerian economy as the price of crude oil continues to ride steadily. Oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark. Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
Read more: https://www.naij.com/762937-good-news-china-shows-interest-nigerian-oil.html

– China has shown interest in importing more crude oil from Nigeria. – The country and Nigeria have a strong economic relationship – President Buhari’s planned visit to China is expected to boost relationship between both countries In what might be perceived as a welcomed development, China has said that it would need more crude oil from Nigeria. NAN reports that Zao LingXiang who is the economic and commercial counsellor of the Chinese embassy in Nigeria made this declaration in Abuja. READ ALSO; Nigeria’s Gross Domestic Product grew by 2.11% – NBS In 2015, the total amount of crude oil export to China was only about one million barrels which was just 1.3 per cent of Nigerian annual export. He said: “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.” He explained that current trade volume between Nigeria and China was $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. ““China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. READ ALSO: $16 billion oil revenue loss traced to corrupt officials “Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” LinXiang said that in the area of infrastructure, the two countries had made significant development. He said that President Muhammadu Buhari is expected to visit China in April and that this visit would facilitate the implementation of agreements reached at the 2015 China-African summit which took place in South Africa. The economic counselor explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. “The amount in import from Africa to China declined but did not decline remarkably. “Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said. Meanwhile, there seems to be a ray of hope for the Nigerian economy as the price of crude oil continues to ride steadily. Oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark. Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
Read more: https://www.naij.com/762937-good-news-china-shows-interest-nigerian-oil.html

– China has shown interest in importing more crude oil from Nigeria. – The country and Nigeria have a strong economic relationship – President Buhari’s planned visit to China is expected to boost relationship between both countries In what might be perceived as a welcomed development, China has said that it would need more crude oil from Nigeria. NAN reports that Zao LingXiang who is the economic and commercial counsellor of the Chinese embassy in Nigeria made this declaration in Abuja. READ ALSO; Nigeria’s Gross Domestic Product grew by 2.11% – NBS In 2015, the total amount of crude oil export to China was only about one million barrels which was just 1.3 per cent of Nigerian annual export. He said: “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.” He explained that current trade volume between Nigeria and China was $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. ““China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. READ ALSO: $16 billion oil revenue loss traced to corrupt officials “Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” LinXiang said that in the area of infrastructure, the two countries had made significant development. He said that President Muhammadu Buhari is expected to visit China in April and that this visit would facilitate the implementation of agreements reached at the 2015 China-African summit which took place in South Africa. The economic counselor explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. “The amount in import from Africa to China declined but did not decline remarkably. “Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said. Meanwhile, there seems to be a ray of hope for the Nigerian economy as the price of crude oil continues to ride steadily. Oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark. Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
Read more: https://www.naij.com/762937-good-news-china-shows-interest-nigerian-oil.html

– China has shown interest in importing more crude oil from Nigeria. – The country and Nigeria have a strong economic relationship – President Buhari’s planned visit to China is expected to boost relationship between both countries In what might be perceived as a welcomed development, China has said that it would need more crude oil from Nigeria. NAN reports that Zao LingXiang who is the economic and commercial counsellor of the Chinese embassy in Nigeria made this declaration in Abuja. READ ALSO; Nigeria’s Gross Domestic Product grew by 2.11% – NBS In 2015, the total amount of crude oil export to China was only about one million barrels which was just 1.3 per cent of Nigerian annual export. He said: “In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria.” He explained that current trade volume between Nigeria and China was $14.94 billion in 2014, making Nigeria third largest trade partner of China in Africa. The economic counsellor added that Nigeria’s trade figure was 8.3 per cent of China’s total trade volume with Africa and 42 per cent of the total trade volume between China and Africa. ““China is the largest developing country in the world and Nigeria is the largest developing country in Africa and both countries have complementary advantages in natural and human resources, funds and markets. READ ALSO: $16 billion oil revenue loss traced to corrupt officials “Right now, the Nigerian government is trying to diversify its economy which is fully in line with the 10 China-Africa cooperation plans announced at the summit on China-Africa trade in Johannesburg in 2015. “There are great potential for cooperation between China and Nigeria in the fields of industrialisation, agricultural modernisation, infrastructure construction, financial services, trade and investment facilitation, among others.” LinXiang said that in the area of infrastructure, the two countries had made significant development. He said that President Muhammadu Buhari is expected to visit China in April and that this visit would facilitate the implementation of agreements reached at the 2015 China-African summit which took place in South Africa. The economic counselor explained that the total investment volume between China and Africa exceeded $100 billion in 2015 in spite of the decline in imports from Africa. “The amount in import from Africa to China declined but did not decline remarkably. “Moreover, the economic and trade cooperation between China and Africa is not only about trade but technical cooperation as well. “China’s total investment volume in Africa last year increased by 100 times more in a short span of 10 years, which shows that cooperation between both parties is moving to a new level,” he said. Meanwhile, there seems to be a ray of hope for the Nigerian economy as the price of crude oil continues to ride steadily. Oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark. Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
Read more: https://www.naij.com/762937-good-news-china-shows-interest-nigerian-oil.html