Fears about Greece's future in the eurozone after it was hit with a bailout reform ultimatum, resulted in drop in oil prices across Asia
Shares of Jet Airways gained 1.9 per cent as oil prices fell in Asia today.
Fears about Greece’s future in the eurozone after it was hit with a bailout reform ultimatum, resulted in drop in oil prices across Asia, while analysts said the bloodbath in Chinese equities was spilling into other markets.
US benchmark West Texas Intermediate for August delivery dropped 14 cents to USD 52.19 a barrel and Brent tumbled 13 cents to USD 56.72, both reversing an earlier uptick.
“The global picture for commodities does not bode well,” said Bernard Aw, market strategist at IG Markets in Singapore.
Commodities such as oil were taking a beating “with the Greece situation getting from bad to worse” and the stocks plunge in China stoking fears across Asian markets, he said.
Shanghai stocks plunged nearly seven per cent today as additional government moves failed to staunch a more than three-week sell-off that has seen in plunge by about a third.
Hong Kong equities sank 4.74 per cent and market-watchers warned of contagion.
Jet Airways shares gained 0.53 per cent on BSE in closing trade, while on NSE they traded flat.
Rising US crude production and a possible return of Iranian oil to global markets – should western powers and Tehran reach a deal on its nuclear programme – are widely expected to amplify the global supply glut.