Global markets slip after rise in crude oil prices

By Varinder Bansal, Research Analyst at CNBC-TV18

Global markets were down yesterday as Brent crude turned back at USD 116 a barrel amid intensified fighting in Libya.

Base metals witnessed profit booking; Baltic Dry Index surged.

The Dow Jones Industrial Average ended down 1.3 points at 12,213, after seeing recovery of 60 points from day's low.

The Nasdaq Composite was down 14 points at 2,752, after seeing recovery of 15 points from day's low. The S&P 500 Index fell 2 points at 1,320, after witnessing recovery of 8 points from day's low.

Asian markets opened marginally lower; Nikkei was down 1.3%, Kospi down 1%, Taiwan down 0.7%, Straits Times down 0.6% and Hang Seng down 0.33%. SGX Nifty declined 0.30%.

European markets ended lower on Wednesday; CAC was down 0.55%, DAX down 0.46% and FTSE down 0.63%.

Other markets; Athex Comp went down 3.8% while Market Vectors Egypt rallied 6.5%. CBOE VIX ended up 2% at 20.22.

Libya update

Libyan leader Gaddafi forces hit oil facilities in Central Libya; crushed rebels with artillery and gunfire in at least two major cities

Currencies

Dollar was down 20 bps versus Euro at 1.3912

Yen was up 15 bps versus USD at 82.75

Taiwan dollar fell 35 bps and Korean Won lost 25 bps as against USD

Commodities

Nymex crude was up 0.35% at USD 104.75/bbl after crude oil inventories rose more than expected by 2.5 million barrels.

London Brent crude gained nearly 2% at around USD 116 a barrel

Copper was down 3%; lowest level since December

Zinc fell almost 7%; lowest level since January 2010

Lead lost over 4%

April natural gas contract gained 1.4% at USD 3.93 per MMBtu

April gold contract was up 0.2% at USD 1429.6/ounce

May silver contract gained 1.1% at USD 36.04/ounce

Baltic Dry Index shot up 3.4%; up 18% in last 10 days and gained 40% since February 4

Data to watch

BoE announcement, jobless claims