U.S. stocks are rebounding from a seven-day decline that erased $1 trillion from equity prices and coincided with a 15% drop in West Texas Intermediate crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8% over the stretch.
The silver-pricing method begun during the reign of Queen Victoria ends today in London as the $5 trillion market shifts to a more transparent process and regulators expand scrutiny of how commodity benchmarks are set.
The Stoxx Europe 600 Index increased 0.7% to 324.99 at 4:30 p.m. in London, taking its advance this week to 0.8%. The equity benchmark rallied 1.5% yesterday as the European Central Bank left interest rates at a record low.
The Energy Information Administration weekly supply support seems to suggest that low gas prices are spurring demand! Drivers are saying fill it up again as they felt richer as gas prices fall near $3 a gallon
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.
Australia's massive mineral exports allowed it to weather the global recession, which began in 2008, quite nicely. Recent reports show it may be sitting on untapped oil reserves 80 times larger than the Eagle Ford U.S. shale deposits.