US markets climbed after the release of positive data. Gains were initially stronger but declines were seen after oil prices dropped further.
Asian markets were mixed during today’s session. The Nikkei added 0.66% ahead of General elections on Sunday.
European markets are lower today as oil prices continue to fall. The FTSE 100 is currently down 1.54% and is being led by losses in energy companies.
Oil dropped below $60/barrel following a decision by the IEA to cut the demand outlook for 2015. This comes after OPEC and the EIA already reduced their 2015 forecasts. US supplies continue to increase and the price war is ongoing between OPEC and U.S. Shale Producers. It is estimated that the price could keep falling until OPEC decides to cut supply.
Gold declined slightly following positive US data. The price has remained above $1,220.000 as the global outlook is still on the downside. However, as US data continues to improve, speculation is boosted that interest rates could be raised sooner than expected.
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