Oil prices fell Monday after a group of top producers announced plans to further increase production in September, while concerns over a cooling U.S. economy and trade tariffs also weighed. At 08:15 ET (12:15 GMT), Brent oil futures for September fell 1.8% to $68.38 a barrel and West Texas Intermediate crude futures fell 2.1% to $65.89 a barrel. Both contracts registered gains last week as the U.S. threatened more sanctions on Russian oil, which could tighten global supplies. OPEC+ agrees to output hike in Sept The Organization of Petroleum Exporting Countries and allies, a group known...
Gold (XAU/USD) kicks off the week on a cautious note, trading flat to slightly higher on Monday, as the US Dollar (USD) stabilizes but remains under pressure in the aftermath of Friday's disappointing Nonfarm Payrolls (NFP) report. At the time of writing, the yellow metal is hovering near $3,375 during American trading hours, having bounced from an intraday low of $3,345, as traders remain cautious amid fragile sentiment and shifting Federal Reserve (Fed) interest rate cut expectations. July's jobs report delivered a clear downside surprise. The data has meaningfully increased the...
The GBP/USD rallies for the second straight day, up by 0.12% following a dismal jobs report in the United States (US). The data prompted investors to price in a rate cut by the Federal Reserve at the upcoming September meeting. The pair trades at 1.3289, after bouncing off daily lows of 1.3253. Last week, the 258K revision to Nonfarm Payroll figures for May and June, along with July's 73K print, below forecasts of 110K, weighed on the Dollar amidst fears that the labor market begins to show some cracks. The NFP report triggered the firing of the US Bureau of Labor Statistics (BLS)...
Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell 43 cents, or 0.6%, to $69.24 a barrel by 11:39 a.m. ET (1539 GMT), while U.S. West Texas Intermediate crude declined by 48 cents, or 0.7%, to $66.85 a barrel. Both contracts were down more than 2% earlier in the session and hit the lowest in a week, after declining close to 3% on Friday. The Organization of the Petroleum Exporting Countries and...
Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday's dismal US Nonfarm Payrolls report. The XAU/USD trades at $3,375, edges up 0.39%. Expectations that the Fed might cut interest rates are boosting the yellow metal. The odds for the September 17 meeting rate cut are 87%. Last week's jobs data revealed the first cracks of a deteriorating labor market. The US Bureau of Labor Statistics (BLS) revised down May and June figures by 258K. Hence, the data vindicated Fed Governor Christopher...