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19/11/2018

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01/03/2018

Oil falls for 3rd day as higher inventories, dollar weigh

U.S. crude inventories rose more than expected
OPEC output falls in February
U.S. output hit record in November, expected to rise more

Published 9 Hours Ago Updated 5 Mins Ago Reuters









An oil pump jack in Gonzales, Texas.
Getty Images
An oil pump jack in Gonzales, Texas.

Oil fell for a third day on Thursday, trading further below $65 a barrel as rising U.S. inventories, record output and a stronger dollar outweighed high OPEC compliance with its supply-cutting deal.

A U.S. government report on Wednesday showed a larger-than-expected increase in U.S. crude inventories and a rise in gasoline stocks. U.S. crude output reached a record in November, although it slipped in the last month of 2017.

Brent crude, the global benchmark, was down 8 cents at $64.65 a barrel at 10:03 GMT. U.S. crude was down 19 cents at $61.45.

U.S. crude output hit a record 10.057 million barrels per day (bpd) in November and fell slightly in December, the government said on Wednesday, but further gains are expected.

"Weekly figures suggest the upward trend will resume in January and February and the old records are likely to be smashed," said Tamas Varga of oil broker PVM.
Oil field workers on a rig in Tioga, North Dakota.
Crude oil inventories up 3 million barrels
15 Hours Ago | 00:45

Oil also fell due to a stronger U.S. dollar, which makes commodities denominated in the U.S. currency more expensive for other currency holders. The dollar index hit a six-week high on Thursday.

The rise in U.S. output in recent weeks has been overshadowing supply curbs by other producers, led by the Organization of the Petroleum Exporting Countries and Russia.

"Despite the expanding output curbs by OPEC and non-OPEC members such as Russia, the market has been focusing more on rising U.S. output since around late January," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.

OPEC and its allies began to cut supply a year ago to get rid of a glut. The group's production fell in February to a 10-month low, a Reuters survey found on Wednesday.

01/03/2018

Gold dips on firm dollar, market awaits Powell's second testimony

Gold prices fell for third day on Thursday, weighed down by a stronger dollar.
The U.S. currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the U.S. economy.
The gold market is keenly waiting for the second round of Fed Chairman Jerome Powell's testimony.

Published 8 Hours Ago Updated 5 Hours Ago Reuters









gold bars.jpg
AP

Gold prices fell for third day on Thursday, weighed down by a stronger dollar while investors awaited the second session of Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee later in the global day.

Spot gold was 0.2 percent lower at $1,314.64 an ounce at 0444 GMT. Prices have fallen about 1 percent so far this week. U.S. gold futures were down 0.2 percent at $1,315.4 per ounce.

The dollar index, which measures the greenback against a basket of major currencies, was up 0.1 percent at 90.700. It had earlier touched its highest since Jan. 19 at 90.744.

"U.S. dollar firmness continues to weigh on gold but (the metal) found some support on weakness in equities," said a Hong Kong-based trader.

The U.S. currency, which in February recorded its best monthly performance since November 2016, has been bolstered by Powell's hawkish stance on the U.S. economy that fueled expectations of interest rates being raised four times this year rather than three.

Higher interest rates tend to boost the dollar and push bond yields up, making greenback denominated, non-yielding gold more expensive for holders of other currencies.
CNBC Markets Now: February 28, 2018
CNBC Markets Now: February 28, 2018
12 Hours Ago | 01:10

The gold market is keenly waiting for the second round of Powell's testimony.

"There's the chance he dials back his hawkish rhetoric, but if he stays the course, there's always a chance we could see higher repricing of U.S. interest rates and a slightly firmer dollar which could trigger another leg lower in gold prices," Stephen Innes, APAC trading head at OANDA, said in a note.

U.S. economic growth slowed slightly more than initially thought in the fourth quarter after the strongest pace of consumer spending in three years depleted inventories and drew in imports as businesses struggled to produce enough goods and services.

Meanwhile, Asian stocks skidded on Thursday after the Fed chief's comments revived fears about the pace of U.S. monetary tightening this year, amid concerns that higher borrowing rates could crimp corporate activity and cool economic growth.

Spot gold continues to target $1,303 as it has more or less broken a support at $1,317 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver fell 0.3 percent to $16.35 an ounce.

Platinum fell almost 1 percent to $973.50 per ounce, while palladium was flat at $1,042.47 per ounce.

01/03/2018

Dollar hits six-week high as Powell bolsters rate hike bets

Powell drives expectations of 4 rate hikes this year
Euro hits 6-week low vs dollar, 6-month trough vs yen
Soft euro zone manufacturing PMI nudges euro lower
Aussie falls to 2-month low after data disappoints

01/03/2018

Markets in Asia slip, but China markets buck the trend to close higher

Asian markets closed mixed on Thursday, tracking losses seen stateside.
China markets outperformed regional markets after the release of better-than-expected manufacturing numbers.
Global stock markets finished February with losses, with the Hang Seng Index having its worst month since January 2016.
The dollar steadied after touching a five-week high against a basket of currencies earlier.

01/03/2018

European markets trade lower ahead of more Fed comments; WPP off by 8%

Following comments from Powell on Tuesday, markets have started to price in a higher interest rate path in the U.S., which is set to ultimately impact firms' costs.
Reuters reported unnamed sources stating that the European Commission is set to approve Bayer's bid for Monsanto, in what's set to become the world's largest integrated pesticides and seeds firm.

20/10/2017

09/09/2017

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09/09/2017

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26/08/2017

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