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Oil falls on growing doubts producers will freeze output

  • The JSE closed firmer on Monday after a negative start, as marginally higher European markets lifted investor sentiment.
  • The rand was firmer against the dollar in the late afternoon trade on Monday as the greenback continued to show weakness against the euro.
  • US stocks ended weaker on Monday, pulling back from a recent rally that took them to new 2016 highs, as losses in commodity-related and industrial shares offset gains in healthcare stocks.
  • European stocks bounced back from one month lows on Monday, led higher by gains in defensive stocks, but telecommunication stocks fell after talks between Orange and Bouygues on creating a dominant French operator collapsed.
  • China stocks rose on Tuesday as a series of government support measures and improving economic data revived investors' appetite for riskier assets, though thin trading volume indicated that confidence remains fragile.
  • Japan's Nikkei share average tumbled to a six-week low on Tuesday morning after the stronger yen hurt the overall market mood, while a drop in Fast Retailing Co weighed after the clothing company reported a poor monthly sales.
  • Gold jumped 1% on Tuesday following a two-day decline, as Asian stocks slid on weak oil prices and mixed views on the outlook for US FederalReserve monetary policy.
  • Oil prices fell on Monday, with Brent touching one-month lows as investors doubted that producers will freeze output to rein in a worldwide glut.