Oil fell, deepening a weekly loss, on mixed economic and consumption data from China, the lingering impact from a stronger US dollar and concerns that the market will flip to a supply glut next year. Global benchmark Brent dropped below $72 a barrel in London and was down by around 3% this week. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows, while global output swells. The glut will be even bigger if OPEC+ presses on with plans to revive halted production. In China, while figures on Friday showed...
The U.S. dollar was set for its biggest weekly gain in over a month on Friday, as markets reassessed expectations of future interest rate cuts and with the view that President-elect Donald Trump's policies could stoke inflation. The dollar has benefited from market expectation that Trump administration policies, including tariffs and tax cuts, could stoke inflation, leaving the Federal Reserve less room to cut interest rates. Fed Chairman Jerome Powell said on Thursday the U.S. central bank did not need to rush to lower interest rates, prompting traders to axe their more aggressive bets on...
Gold edged lower mid-afternoon on Friday following five losing sessions as the dollar eased and U.S. October retail sales came in higher-than-expected. Gold for December delivery was last seen down US$2.90 to US$2,570.00 per ounce. The dollar eased off a two-year high early, with the ICE dollar index last seen down 0.07points to 106.6. The rise comes as the U.S. Department of Commerce reported retail sales rose 0.4% in October, matching the September rise but ahead of the consensus estimate for a 0.3% increase. The rise showed the U.S. economy remains solid, with Federal Reserve chair...