Energy shares lead Asian stock losses as oil falls under $45

Asian stocks retreat dollar holds near six-week high on hawkish Fed

Even with direct supply intervention, investors relish in speculation of imminent oil glut to destabilise prices.

Risk-tolerant traders looking for leveraged plays on oil prices can consider the newly minted ProShares rolled out the ProShares UltraPro 3x Crude Oil ETF (NYSEArca: OILU) and ProShares UltraPro 3x Short Crude Oil ETF (NYSEArca: OILD), which debuted in March.

A man smokes outside the Hong Kong Stock Exchange, Friday, May 5, 2017.

Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in US inventories.

But the oil cartel hasn't really taken that crude off the market because exports remain high, said Matt Smith, director of commodity research at ClipperData.

Paris finished Friday's session up 1.12 percent, with opinion polls showing centrist candidate Emmanuel Macro with a commanding lead over the far right's Marine Le Pen going into Sunday's French election. Britain's FTSE 100 was up 0.2 percent at 7,260.49. Wall Street was poised to open slightly higher. Dow futures slipped 0.1 percent to 20,856.00 and broader S&P 500 futures fell a fraction to 2,385.00.

Читайте также: Appeals court to weigh challenge to revised Trump travel ban

Better-than-expected US non-farm payrolls data showed jobs growth rebounded sharply last month with 211,000 added and the national unemployment rate down to near a 10-year low at 4.4 percent. Chinese iron ore futures fell nearly 7 per cent in Shanghai after tumbling 8 per cent on Thursday. The report suggests the economy's slump in the first three months of the year could prove temporary.

Investors are now awaiting the release Friday of jobs figures for April, which will be closely watched for clues about the Federal Reserve's plans for hiking interest rates. The result has been 11 weeks of expansion in U.S. production in the longest run of gains since 2012.

Others, as quoted by the BBC, see the drop as an indication of "jittery" markets ahead of OPEC's May 25 meeting when an extension of the original cut agreement will in all likelihood be announced. I do think as long as OPEC maintains the cuts, the price will get some stability", Petromatrix analyst Olivier Jakob said."We still have some downside risk, but we're starting to get near the bottom."OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target, which helped offset weaker compliance by other members."Saudi Arabia is the only country that has fulfilled its obligation every month since January".

Volumes spiked on Thursday, with more than 940,000 front-month U.S. crude contracts changing hands, compared with the daily average of 535,000 contracts. He said traders saw $45 as an important level because the Saudi oil minister said earlier this week that prices would be kept in the $45-55 range.

CEO Ben van Beurden said the company would invest US$25bn in new projects this year and he called it a "strong quarter" for the business with revenue at more than US$71 billion. Australian shares .AXJO fell 0.5 percent with metals and mining related stocks leading the decline.

WTI was riding just above $46 dollars a barrel with several hours before the American markets closed. Analysts had been expecting a drop of 2.3 million barrels.

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