NEW YORK: Rising demand pushed U.S. crude above $50 a barrel on Thursday, while sterling jumped after the Bank of England said it was likely to raise interest rates for the first time in a decade in coming months.
Energy shares rose on Wall Street and in Europe, but stocks were mixed worldwide. A gauge of global equity indexes fell slightly, as did the S&P 500 in the United States, while major European indexes gained and the Dow set a new closing high.
West Texas Intermediate, the U.S. crude benchmark, rose more than 2 percent before paring gains after a forecast by the International Energy Agency on Wednesday and dollar weakness prompted bullish sentiment in the oil market.
"Anticipation is growing that this could quicken the pace of oil market rebalancing," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
U.S. crude rose 59 cents to settle at $49.89 a barrel and benchmark Brent settled up 31 cents at $55.47.
Brent has climbed more than $10 a barrel over the past three months and is close to where it was at the beginning of the year, roughly trading between $55 and $57 a barrel.
BP Chief Executive Bob Dudley told Reuters in an interview that oil prices were likely to stay between $50 and $60 a barrel as major producers kept output restricted.
"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue." - Reuters
Under various PNB fund, Amanah Bumiputra fund is the single largest stake owner for UMWOG. The right issue at 30sen is offering cheaply for ASB opptunity to average down their holding cost.
Once recapitalize completed, its time to rebound later.
hopefully tomorrow there are some good samaritans, great supporters & goreng kaki of this wonderful with bright future company ... to help rally the share prices for poor people who wish not subscribe for rights to exit this wonderful fantastic with bright future company ... sigh
With the rights issue ex-date coming very fast now, some investors may sell tomorrow so that they do not need to increase their investment and exposure in UMWOG?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
smartly
6,431 posts
Posted by smartly > 2017-09-13 15:04 | Report Abuse
wah...wallace78.. 1.2 your cost ! must have bought it since year 2015..
if you subscribe your rights you need to fork out 33.6k. look like you have no choice but to fork out more money in order average down your cost..