Oil and gas whacked in global market bloodbath
The meltdown of global financial markets struck oil and gas shares as well as commodity prices yesterday, with no let-up in the bloodbath in sight as trade opened today
At time of writing, in London, Brent crude was trading at $107.40 a barrel on Ice, down by around 4.5% over the past 24 hours. US WTI had dropped by nearly 6%, to $86/b over the same timeframe. Global investors have piled into safe havens – such as gold, the Swiss franc and the Japanese yen – in response to market uncertainty, and are fleeing riskier assets such as oil and gas. “The flight to quality has seen equities, bond yields and oil prices dropping like a stone. Market fear from the beginning of the financial crisis now seems to have returned – further drops cannot be ruled out,” said Thorbjørn Bak Jensen, oil analyst at Global Risk Management. Share prices in oil and gas firms
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