Oil steadied after falling by the most in a month as traders fretted that OPEC+ may boost supplies, US data pointed to a slowdown, and an industry estimate showed higher stockpiles at a key storage hub. West Texas Intermediate traded near $63 a barrel, after global benchmark Brent closed below $68. Prices slumped on Wednesday after a report that the OPEC+ alliance will consider a fresh round of production increases at a policy meeting this weekend. Still, Saudi Arabia and its partners have yet to decide how to proceed, according to several delegates. In the US, the world's...
The Australian dollar was little changed to around $0.654 on Thursday, holding its recent gains, supported by stronger-than-expected trade balance figures. Australia's goods trade surplus widened to AUD 7.31 billion in July, the largest in 17 months and well above expectations of AUD 5.0 billion. The improvement was driven by a 3.3% rise in exports to a 21-month high of AUD 46.02 billion, following strong gains in June, while imports fell 1.3% to AUD 38.71 billion, weighed by softer demand for non-monetary gold. The Aussie also drew support from recent data showing upbeat Q2 GDP growth,...
Silver slipped 1% to around $40.7 per ounce on Thursday, easing from 14-year highs as investors locked in profits ahead of key US labor market releases. Precious metals have rallied in recent weeks as traders increased bets on Federal Reserve rate cuts, with markets pricing in nearly a 98% chance of a 25 basis point reduction this month. On Wednesday, data showed US job openings fell more than expected to 7.181 million in July. Attention now turns to the ADP private payrolls and weekly jobless claims due later today, followed by the August jobs report on Friday. Safe-haven demand also lent...