Oil prices fell on Wednesday, posting their biggest monthly drop in nearly 3-1/2 years after Saudi Arabia signaled moves to produce more and expand its market share, while a global trade war eroded the outlook for fuel demand. Brent crude fell $1.13, or 1.76%, to settle at $63.12 a barrel. U.S. West Texas Intermediate crude fell $2.21, or 3.66%, to settle at $58.21, its lowest close since March 2021. Brent fell 15% for the month and WTI slid 18%, their biggest monthly percentage declines since November 2021. Both benchmarks slumped after Saudi Arabia, one of the world's biggest oil...
USD/CHF is trading with losses, holding near recent lows after a wave of weak US data and worsening macro signals from China triggered broad risk-off flows in the market. Sentiment was already fragile heading into Wednesday, and the release of disappointing US GDP data raised concerns over the health of the US economy. At the same time, weak Chinese manufacturing and services PMIs revealed the first clear signs of stress from the escalating trade war, raising fears of a global economic slowdown. The US dollar was broadly under pressure, struggling to gain any momentum despite the month-end...
Oil was little changed after posting its biggest monthly decline since 2021, as signs that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher output added to concerns that a global trade war would hurt demand. West Texas Intermediate was trading around $58 a barrel after falling 3.7% on Wednesday, while the most-active Brent contract settled near $61. Reuters reported that Saudi officials have told allies and industry experts that the kingdom could endure a prolonged period of depressed prices, adding to existing concerns that the biggest oil exporter plans to direct...