Argentine markets plunge on oil company losses

2014-12-15 05:07:01

(MENAFN- AFP) Stocks in Argentina dived more than eight percent Monday, dragged down by plummeting oil company shares battered by tumbling oil prices.

The market in Buenos Aires at the close was 7,581.72, down 8.28 percent.

Shares of Brazil's state-owned Petrobras oil giant were down a hefty 14.05 percent, while shares of Argentine power company Transener fell 9.94 percent. YPF Argentina was down 11.15 percent.

Global oil prices slid to new multi-year lows Monday after a top OPEC official suggested that speculation largely was driving the market lower, indicating the cartel would keep output unchanged.

Oil staged a small rally in early European trading from steep losses last week but that quickly evaporated, roiling European stock markets.

Oil prices have plunged roughly 50 percent since June, weighed down by plentiful supplies, the stronger dollar and weak demand arising from the struggling global economy, according to analysts.

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