Oil prices plunged on concerns about a global glut after OPEC+ agreed to a large output increase, adding to supplies at a time when demand is being hampered by headwinds from the trade war. Global benchmark Brent plunged as much as 4.6% to $58 a barrel as the week began, while West Texas Intermediate neared $56. The decision by OPEC and its allies came at a meeting Saturday, with the group's leaders seeking to punish overproducing members including Kazakhstan in a shift in strategy that has sent prices plunging. (Newsmaker23) Source: Bloomberg
Oil prices plunged more than 1% on Friday, posting their biggest weekly loss since late March, as traders remained cautious ahead of an OPEC+ meeting to decide the group's output policy for June. U.S. West Texas Intermediate crude futures settled down 95 cents, or 1.6%, at $58.29 a barrel. Brent crude futures settled down 84 cents, or 1.4%, at $61.29 a barrel. For the week, Brent was down more than 8% and WTI was down about 7.7%. The OPEC+ meeting was moved up to Saturday from Monday, three sources told Reuters on Friday, although it was not clear why it was rescheduled. Members of the...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, weakened on Friday (02/05) after briefly moving above the 100.00 level. Despite stronger-than-expected US Nonfarm Payrolls data, the greenback came under pressure from dovish interpretations and emerging trade headlines involving China. Daily market movers: Not as expected The US Bureau of Labor Statistics reported that Nonfarm Payrolls rose by 177,000 in April, beating the consensus of 130,000 but lower than the revised 185,000 in March. The Unemployment Rate remained at 4.2%, while...
Gold fell on Friday and headed for a second straight weekly decline as easing trade tensions between the U.S. and China and a strong jobs report kept prices pressured. Spot gold fell 0.4% to $3,228.50 an ounce by 1:41 p.m. ET (1741 GMT). Prices were down 2.6% for the week, after hitting a record $3,500.05 on April 22. They hit their lowest since April 14 on Thursday. U.S. gold futures settled 0.6% higher at $3,243.30. China's commerce ministry said the U.S. has repeatedly expressed its willingness to negotiate on tariffs and that Beijing's door is open for talks. "Gold looks like $3,500...