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1.Market Observations, 8.Was Sticky

27 Nov 2018 (AFR) – Resources rout drives ASX lower – Oil price fire sale saps sharemarket’s energy

(27 November 2018, AFR, p27, by William McInnes)

Markets roundup Monday (Bloomberg, AFR)

Markets roundup Monday, and oil prices (Bloomberg, AFR)

‘The major mining and energy stocks ended two positive days of trading for the local sharemarket on Monday as iron ore and oil prices tumbled further. The S&P/ASX 200 Index closed 44.6 points, or 0.8 per cent, lower at 5671.6 while the broader All Ordinaries Index slumped 43.1 points, or 0.7 per cent, to 5750.3. “Black Friday turned into a fire sale for oil prices,” said OANDA head of trading Asia Stephen Innes. “It was the enormous drop in oil prices that triggered calamitous price action across forex, commodity and bond markets.” West Texas Intermediate crude oil fell 7.7 per cent to $US50.42 a barrel on Friday while the price of benchmark Brent crude oil fell 5.4 per cent to $US58.57 a barrel.

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