Oil prices rose on Thursday (July 24), boosted by expectations of Russian gasoline supply cuts and optimism over US trade negotiations that will ease pressure on the global economy, further boosted by a sharper-than-expected decline in US crude inventories. Brent crude futures rose 80 cents, or 1.17%, to $69.31 a barrel at 10:52 a.m. CDT (15:52 GMT). US West Texas Intermediate crude futures rose 97 cents, or 1.49%, to $66.22 a barrel. "Russia's willingness to cut gasoline exports is giving the market a boost," said Phil Flynn, senior analyst at Price Futures Group. "The market is looking...
Gold prices fell for a second straight session on Thursday (July 25), as signs of easing global trade tensions dampened demand for safe-haven assets. Spot gold fell 0.5% to $3,370.69 an ounce, as of 1:45 PM ET (5:45 PM GMT). US gold futures closed 0.7% lower at $3,373.50. Markets are optimistic about a trade deal—first with the US and Japan, and now possibly with the European Union, said Aakash Doshi of State Street Investment Management, adding that strong equities and low volatility have weighed on gold prices. The US and EU are making progress toward a trade deal that could include a...
Oil prices pared gains on Thursday afternoon following a Reuters report that the Trump administration is likely to allow Chevron to resume operations in Venezuela. Brent crude futures rose 26 cents, or 0.38%, to $68.77 per barrel at 1:14 PM CDT (6:14 PM GMT). U.S. West Texas Intermediate crude futures rose 44 cents, or 0.67%, to $65.69 per barrel. Earlier in the session, WTI had risen more than a dollar, and Brent crude was near that level. "The news that Chevron could return to Venezuela and restore oil production really shook the market," said John Kilduff, a partner at Again Capital...