Oil Up Ahead of OPEC Meet; Dollar Slips, Stocks Fall
NEW YORK, Nov 28 (Reuters) - Crude futures rose in choppy trading on Monday ahead of an OPEC meeting later in the week that could reap production cuts, while the dollar pared losses and U.S. stocks fell.
The dollar index dipped 0.24 percent after having fallen as much as 0.8 percent. The U.S. currency sank as much as 1.6 percent to 111.32 Japanese yen before recovering to 112.1.
Most analysts said the dip in the dollar since Friday was simply a correction with the greenback still on track for its strongest two-month gain since early 2015.
The index hit a near 14-year high of 102.05 on Thursday before falling on Friday and slipping further to 101.32 on Monday.
"The last few days of November and the first few days of December will be chock full of risk events, so that's provided a convenient backdrop to take profit on the dollar's big rally," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
The euro was little changed versus the greenback after rising nearly 1 percent to $1.0684 following the election of Francois Fillon as the center-right candidate in next year's French presidential vote. It was last at $1.0606.
Fillon, a former French prime minister, is the favorite to become president, with a flash opinion poll suggesting he would easily beat far-right National Front leader Marine Le Pen in a second round run-off. Markets worry that Le Pen, who has promised a referendum on membership of the European Union if she wins, would threaten the future of the currency bloc.
On Wall Street, consumer and financial stocks weighed on the S&P 500 after rallying last week. Recently battered stocks in utilities and telecom services posted the largest gains.
"We did have a big run up, of course, in the reaction to the election, a lot of economically-sensitive sectors like finance had big runs," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
"Now we are seeing a little bit of profit taking waiting on the next big driver."
The Dow Jones industrial average fell 54.24 points, or 0.28 percent, to 19,097.9, the S&P 500 lost 11.63 points, or 0.53 percent, to 2,201.72 and the Nasdaq Composite dropped 30.11 points, or 0.56 percent, to 5,368.81.
The pan-European FTSEurofirst 300 index fell 0.85 percent, while MSCI's gauge of stocks across the globe fell 0.28 percent.
Emerging market stocks rose 0.9 percent.
OPEC MEETS IN BUSY DATA WEEK
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds