Energy stocks sink but oil bounces as year ends
HONG KONG: Energy shares fell again Thursday on the last trading day of the year, tracking losses in New York and Europe although oil prices bounced slightly following another hefty loss.
With business light, stock markets flitted in and out of positive territory and Shanghai ended a rollercoaster year on a low note, losing almost one percent.
Crude prices edged up slightly but were unable to claw back the losses of more than three percent suffered Wednesday after data showed a surprise jump in US commercial stockpiles.
Along with a sharp growth slowdown in China, the slump in commodities has been a key story through 2015, with the cost of oil down more than 60 percent from recent peaks seen in summer 2014.
Crude has been hammered by anaemic demand, a slowdown in the global economy — particularly China — a worldwide supply glut and a strong dollar.