Oil prices fell after reports that the OPEC+ alliance would consider a new round of supply increases when the group meets over the weekend. Global benchmark Brent fell as much as 2.1% in London, extending previous declines. Oil prices closed at a one-month high on Tuesday. OPEC+ will consider further production increases at its meeting on Sunday, Reuters reported, citing two sources familiar with the discussions. Most analysts and traders expect OPEC+ to maintain production for October, halting a long-running production increase. An OPEC delegate said last month that the group could take...
The U.S. dollar was broadly steady on Wednesday, after a sell-off in some parts of bond markets globally in the prior session weighed on its currency peers and allowed the greenback to gain back some recently lost ground. Rising concerns over finances in countries from the U.S. to Japan partially helped to drive up longer-dated bond yields, which tend to move inversely to prices. The uptick in yields has shown signs of easing, with longer-dated European bonds stabilizing, although yields in countries like Germany and France remain close to multi-year highs. Yields on Japanese bonds have...
Gold prices climbed above $3,570 per ounce on Wednesday, extending its record-breaking rally, lifted by softer US jobs data that reinforced expectations for a Federal Reserve rate cut later this month. while safe-haven demand remained strong amid global uncertainties. The weaker labor market report, showing a larger-than-expected drop in job openings and moderate hiring, supported bullion's gains, with traders now seeing a 98% chance of a 25-basis-point cut at the September Fed meeting. Political concerns, including challenges to Fed independence and uncertainty over US trade policy, have...
Oil prices fell by more than 2% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October. Brent crude fell $1.6, or 2.31%, to $67.54 a barrel by 2:11 p.m. EDT (1811 GMT). U.S. West Texas Intermediate crude fell $1.68, or 2.56%, to $63.91 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market...
The EUR/USD trims some of Tuesday's losses though it remains shy of claiming the 1.1700 figure, despite broad US Dollar weakness across the board. Economic data in the US strengthened the chances that the Federal Reserve could resume its easing cycle at the September meeting. The pair trades at 1.1656, up 0.17%. Euro advances amid Dollar softness, with markets eyeing NFPs despite hawkish Fed pushback on easing An improvement in market mood prompted investors to buy the Euro, following a worse than expected Job Openings and Labor Turnover Survey (JOLTS) report for July. As the number of...