Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by concerns about oversupply and weak factory data in Asia. Brent crude futures fell 1 cent, or 0.02%, to $64.76 a barrel at 09:59 GMT. U.S. West Texas Intermediate crude fell 3 cents, or 0.05%, to $60.95 The Organization of the Petroleum Exporting Countries (OPEC+) and its allies, collectively known as OPEC+, agreed on Sunday to increase production by 137,000 barrels per day (bpd) in December and to pause increases in the first quarter of next year. Brent and WTI both...
Gold prices held near $4,000 an ounce after a weak start on Monday, as China ended long-standing tax breaks for some retailers. This change could weigh on demand in one of the world's largest precious metals markets. Gold bullion prices for immediate delivery were trading little changed by midday in London, after falling as much as 1% in early trading. Beijing announced on Saturday that it would no longer allow some retailers to fully offset value-added tax when selling gold they purchased from the Shanghai Gold Exchange and the Shanghai Futures Exchange. The news sent Chinese gold jewelry...
Oil dipped after a four-day run of gains as the market weighed OPEC+'s decision to pause output hikes early next year and contrasting views on supply. West Texas Intermediate traded near $61 a barrel, while Brent settled just below $65 on Monday. The Organization of the Petroleum Exporting Countries and its allies said at the weekend they planned to hold back from lifting production quotas in the first quarter. That came as the market is widely expected to be headed for a glut. US sanctions on Russia's two biggest producers will delay cargoes and slow down trade, the...
Gold edges lower in the early Asian session amid lingering worries over China's Finance Ministry ending of a tax incentive for sales of the precious metal, effective Nov. 1. "The new rules may potentially dent wholesale gold demand for end-users," TD Securities' Daniel Ghali says in a research report. Also, "the new rules could have a meaningful impact on gold's ecosystem within China," the senior commodity strategist adds. Spot gold is 0.2% lower at $3,997.62/oz. Source: Dow Jones Newswires