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Oil Prices Retreat As US Enjoys Memorial Day Holiday

By William OLoughlinMarket OverviewMay 28, 2018 13:19

au.investing.com/analysis/oil-prices-retreat-as-us-enjoys-memorial-day-holiday-200197978

Oil Prices Retreat As US Enjoys Memorial Day Holiday

By William OLoughlin | May 28, 2018 13:19

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Originally published by Rivkin Securities

The US S&P 500 lost 0.2% on Friday night, led down by energy stocks as the oil price fell 4% after Saudi Arabia indicated that OPEC and Russian oil supply would likely be increased. The soft global lead saw ASX 200 futures fall 30 points or 0.5% pointing to a fall in the ASX today, with most of the damage expected to be in the energy sector.

The US market is closed tonight and tomorrow night for the Memorial Day holiday, meaning the Australian market will trade blindly for the next couple of sessions without any real read on sentiment. The news from Saudi Arabia, as well as the ongoing uncertainty regarding North Korea and the potential for the summit to be reinstated for 12 June, means markets could be shaky until the US market reopens.

Elsewhere, Comex gold rose last week thanks to the North Korea situation although that rise may be given back if relations stabilise as now looks to be the case. Iron ore, despite gains in the Chinese steel and futures markets, the iron ore price dropped $US2.44 a tonne, or 3.6%, to $US63.94 on Friday from the previous day.

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