The following is an excerpt from DHARA RANASINGHE | December 22, 2015 | Reuters.com |
World stock markets eked out small gains on Tuesday, lifted by a recovery in oil prices from 11-year lows as investors unwound some of their bearish bets on the battered commodity.
European stock markets followed Asia higher. The pan-European FTSEurofirst 300 gained 0.4 percent after two days of falls while U.S. stock futures suggested Wall Street shares may build on Monday's rally.
Oil stocks such as BP and Royal Dutch Shell rallied 2 percent as oil prices showed signs of stabilizing after a fall on Monday to new lows.
"The oil price is still the big driver of market sentiment at the moment for stock markets, but I'm not sure if it will hold above those lows, given the concerns about a glut of supply," said Hantec Markets' analyst Richard Perry.
The dollar was steady against the euro and yen. Traders were looking ahead to U.S. economic data for fresh direction although the approaching holiday season kept ranges tight.
Brent crude prices looked set to make the first daily gains in five, keeping oil at the top of investors' watch list.
For more visit: reuters.com