Oil prices edged lower and are expected to post a monthly loss, with trading dominated by concerns about a looming oversupply and geopolitical issues, including U.S.-led efforts to end the war in Ukraine. Brent for November delivery traded below $68 a barrel, with the global benchmark about 5% lower this month. West Texas Intermediate fell near $64. Oil has weakened in August amid concerns that global supply will exceed demand in coming quarters, leading to a buildup in stockpiles. Investors are also focused on Ukraine and a potential shift in crude oil flows away from Russia. U.S....
Gold held steady early Friday (August 29th), despite a strengthening dollar, as a key US inflation indicator held steady last month, meeting market expectations but failing to dampen hopes for an upcoming interest rate cut. Gold for December delivery was last traded down US$0.70 at US$3,473.60 per ounce. The US Bureau of Economic Analysis reported that the July Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose at a 2.6% annualized pace, unchanged from June and in line with consensus expectations, according to FactSet. Core PCE,...
Gold climbed to $3,445 per ounce on Friday, nearing April's record of $3,500, and is set for a second weekly gain, as investors sought refuge amid uncertainty over US monetary policy. Concerns that political pressure on the Federal Reserve could accelerate interest rate cuts have bolstered prices, with markets largely pricing in a 25 bps reduction in September. Fed Governor Christopher Waller also signaled support for starting rate cuts next month, saying he "fully expects" further reductions to bring policy closer to neutral, echoing the stance of his colleagues. Meanwhile, US consumer...
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...