Asian stocks traded higher as oil backed off from $120 a barrel on rumors Libya's Muammar Gaddafi had been shot, prompting a corresponding recovery in U.S. equities the day before.
The spread between Brent and NYMEX crude is currently around $15 a barrel and according to Jim Bianco, the president of Bianco Research, this is due to one pipeline pumping crude from Canada into Cushing near Oklahoma City.
Asian stocks weakened after Wall Street extended losses as violence in Libya prompted a spike in oil prices.
Simon Derrick from Bank of New York Mellon has back through the history books to see how the dollar reacts to political tensions with Iran. He found that as long as American troops were not involved in any of the problems, the dollar did very well when Tehran has been in the headlines back through the history books to see how the dollar reacts to political tensions with Iran and found that if American troops are not involved in any problems, the dollar has in the past done very well when Tehran was in the headlines.
Asian stocks fell for a second day as investors pull out from riskier assets, with turmoil in Libya driving crude oil prices to 30-month highs and sparking worry of slower global growth.