The dollar weakened against the euro and Swiss franc on Friday, on course for a 2% decline in August against a basket of currencies, as traders prepared for a U.S. interest rate cut by the Federal Reserve next month. The dollar, which initially firmed after U.S. inflation data came in as expected, later gave up gains, failing to break a three-day losing streak. The U.S. Commerce Department reported on Friday that its Personal Consumption Expenditures (PCE) Price Index rose 0.2% last month after an unrevised 0.3% rise in June. The data keeps the Fed on track for a widely expected rate cut...
Oil prices fell on Friday as traders looked toward weaker demand in the U.S., the world's largest oil market, and a boost in supply this autumn from OPEC and its allies. Brent crude futures for October delivery, which expired on Friday, settled at $68.12 a barrel, down 50 cents, or 0.73%. The more active contract for November finished down 53 cents, or 0.78%, at $67.45. West Texas Intermediate crude futures settled at $64.01, down 59 cents, or 0.91%. The market was in part shifting its focus toward next week's OPEC+ meeting, said Tamas Varga, analyst at PVM Oil Associates. Crude output...
Brent crude futures dropped 0.7% to settle at $68.1 per barrel on Friday, as traders weighed weaker US demand and the possibility of a ceasefire in Ukraine. Attention is also on next week's OPEC+ meeting, with accelerated output increases from the group raising the global supply outlook. However, these supply gains have yet to fully reach the US market, where the summer driving season is ending, fueling concerns over demand. Prices had risen earlier in the week following Ukrainian attacks on Russian export terminals, but reports of potential ceasefire talks eased some of that...