US Close 10 Feb 16: Nice late recovery in the US markets, oil still under pressure.

US sharemarkets recovered from early losses on Tuesday although weakness remained in energy and financial sectors.  At the close of trade the Dow Jones was down by 13 points or 0.1% after being down 146 points in the morning and up 109 points in afternoon trade. The S&P 500 index was down 0.1% while the Nasdaq lost 15 points or 0.4%.

 

Global oil prices fell again on Tuesday. Both the US Energy Information Administration and Paris-based International Energy Agency lowered their forecasts for oil demand in 2016. The IEA cut its forecast for oil demand growth in 2016 to 1.17 million barrels per day (bpd) after lifting by 1.6mbd in 2015 - the strongest growth in 5 years. Brent crude fell by US$2.55 or 7.8% to US$30.32 a barrel. US Nymex fell by US$1.75 or 5.9% to US$27.94 a barrel.

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