Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded below $66 a barrel, after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Gloomy predictions from both the IEA and the US government this week come as supplies from both within and outside OPEC+ are expected to rise into the fourth quarter. Brent's nearest timespread — a guage of market health — is trading at its weakest level since May. Against that backdrop, traders are...
The Pound Sterling (GBP) attracts bids against its major peers on Thursday on upbeat United Kingdom (UK) Gross Domestic Product (GDP) and factory data. The Office for National Statistics (ONS) reported that the economy grew by 0.3% in the second quarter of the year, stronger than expectations of 0.1%. In the first quarter of the year, GDP growth was 0.7%. In June, the UK economy grew by 0.4% after contracting 0.1% in May, while it was expected to rise just by 0.1%. Factory data has also come in stronger than projected. Month-on-month, Manufacturing and Industrial Production rose by 0.5%...
Oil prices were stable on Thursday as investors weighed the potential impact of Friday's U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Russia if it does not agree to peace. Brent crude futures were up 35 cents, or 0.53%, at $65.98 a barrel by 0957 GMT, while U.S. West Texas Intermediate crude futures were 35 cents, or 0.56%, higher at $63.00. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on...
Oil prices rose Thursday as focus remained squarely on how an upcoming meeting between U.S. and Russian leaders will affect global supply. At 08:45 ET (12:45 GMT), Brent oil futures for October rose 0.5% to $65.94 a barrel, while West Texas Intermediate crude futures rose 0.5% to $62.97 a barrel. Both contracts are on course for weekly losses of around 1%. Trump-Putin meeting on Ukraine key U.S. President Donald Trump and Russian counterpart Vladimir Putin are set to meet in Alaska on Friday to discuss terms for a ceasefire with Ukraine. Trump on Wednesday threatened "severe...
Gold edged lower early on Thursday as the dollar and yields rose following a report showed U.S. wholesale prices unexpectedly surged in July. Gold for December delivery was last seen down US$11.60 to US$3,396.70 per ounce. The U.S. Bureau of Labor Statistics on Thursday said its July Producer Price Index (PPI) rose 0.9% from June, well above a flat reading a month earlier and the 0.2% consensus estimate from analysts polled by FactSet. Core PPI, excluding volatile items, was up 0.6% from June, also above the consensus estimate for a 0.3% rise. It was the largest monthly increase for core...