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Oil drops, pushes FTSE lower and caps gains in other indices

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices at both the sides of the Atlantic fell and dragged the mining heavy UK’s FTSE index lower itself. Losses in oil also made sure gains in the other major European indices remained capped.

    At the time of writing, UK’s FTSE index was down 0.27%. Shares in Royal Dutch Shell fell more than 1%. Intertek and ITC also dropped more than 3% each. However, the mining stocks like Antofagasta, Anglo American advanced as copper prices rose to three-month high.

    Elsewhere, German DAX was up 0.10% and France’s CAC was largely flat. Trading on the European bourses got off to a positive start after Asian equities rose to two-month highs.

    However, oil prices played a spoil sport. The benchmarks dipped as the API data released overnight in the US reminded investors about the excess supply concerns.
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