Monday July 6, 2015

// July 6th, 2015 // Daily News

Oil falls on Greece vote, China stock market turmoil

Oil prices fell sharply on Monday after Greece rejected debt bailout terms and as China rolled out emergency measures to prevent a full-blown stock market crash, adding to worries about poor demand growth at a time of global oversupply.
The result of Greece’s referendum has put in doubt its membership in the euro, pulling down the single currency against the dollar.
A strong dollar tends to pressure commodities as it makes fuel more expensive for holders of other currencies.
Commodities were also sucked into market turmoil that has seen Chinese shares fall as much as 30 percent since June due in part to an economy that is growing at its slowest pace in a generation.
Benchmark Brent crude oil fell $1.35, or 2.2 percent, to $58.99 a barrel by 8:07 a.m. EDT (1207 GMT). U.S. light crude traded $2.50 lower at $54.43, down more than 4 percent and off a session low as $53.91.
The falls left both crude benchmarks at their lowest since mid-April.
Chinese brokerages and fund managers have agreed to buy massive amounts of stocks to support markets, helped by China’s state-backed margin finance company, which in turn would be aided by a direct line of liquidity from the central bank.
“Uncertainty over Greece is bearish for oil. It adds an extra negative factor on top of the turmoil in Chinese financial markets, the recent rise in U.S. drilling rigs, and a potential increase in Iranian oil supply,” said Olivier Jakob, senior energy analyst at Petromatrix in Zug, Switzerland.
“The main implication is for euro/dollar and I think it will put additional pressure on the euro,” he added.
With markets already nervous due to the turmoil in Europe and China, fundamentals were also bearish.
U.S. drilling increased for the first time after 29 weeks of declines, the strongest sign yet that higher crude prices are coaxing producers back to the well pad.
Production in Russia and the Organization of the Petroleum Exporting Countries is also at or near records.
“Demand is good, but supply is better,” said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo.
Putting further pressure on oil markets is a possible nuclear deal between global powers and Iran, which could add more oil to oversupplied markets if sanctions are eased.
“Reports increasingly suggest a deal is likely before July 9,” Morgan Stanley analysts said in a report.

Today’s Inspiration

Joy Unspeakable

by Joyce Meyer – posted July 06, 2015

Now to Him Who is able to keep you without stumbling or slipping or falling, and to present [you] unblemished (blameless and faultless) before the presence of His glory in triumphant joy and exultation [with unspeakable, ecstatic delight].
– Jude 1:24

I used to be so miserable when I went to bed that I wished it was time to get up. And when I got up, I was still so miserable I wanted to go back to bed. I was under the curse of not obeying the voice of the Lord or serving Him with joyfulness (see Deuteronomy 28:15–48).

Obedience to God fills our lives with so much joy that we don’t even know how to talk about it. The Bible calls it “joy unspeakable and full of glory” (1 Peter 1:8 KJV). Experience the joy of being in God’s awesome presence. Start your day by praising God for your blessings, and worshiping Him with a heart ready to serve Him.

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