Gold and Oil Moving Higher Steadily

Gold prices continued to move steadily higher, something which has been happening for the past 3 weeks and it is no longer a surprise. The prices have been moving slow and steady and that is one of the reasons why there has not been any shock and awe with regard to its movement. The euro has also been moving at almost the same speed higher but the euro seems to be getting all the attention as the volatility in the currency is much higher due to the pullbacks, corrections and then the bounces. On...
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Oil Surges Above $49 as Supply Draw Shows Market in Better Shape

Oil closed above $49 a barrel for the first time since May on growing optimism OPEC’s supply cuts are trimming a supply glut. Futures climbed 0.6 percent in New York for a fourth day of gains. Kuwait joined the U.A.E. in promising to pump less oil after Saudi Arabia called on OPEC producers to cut more supply. U.S. crude inventories declined by 7.21 million barrels last week to the lowest level since early January, according to the Energy Information Administration. The market is digesting...
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Why Oil Price Weakness Is Not Really a Big Deal Anymore

The big story in June was crude oil price weakness and its limited impact on equities markets. As at July 3, 2017 Brent Crude Oil was trading at $48.98 per barrel, and WTI Crude Oil was trading at $46.33 per barrel. The 52-week range of Brent Crude Oil is $44.35 on the low end and $60.21 on the high end. With WTI Crude Oil, the 52-week trading range is $42.05 on the low end and $58.30 on the high end. The correlation between crude oil prices and Wall Street indices is an important one. Until a...
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Dollar pulls back slightly, yen recovers from earlier weakness

The U.S. dollar edged lower on Friday, paring some of the strong gains it made after the Federal Reserve’s rate increase earlier this week, though it gained ground against the yen after Japan’s central bank left its ultra-easy monetary stance in place. The widely watched ICE U.S. Dollar Index DXY, -0.30% which tracks the buck against a basket of six rivals, stood at 97.299, compared with 97.484 in late North American trade on Thursday. The index is poised for a gain of less than 0.1% on t...
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Oil inches up in quiet holiday trade, focus on crude glut

By Nia Williams Oil prices rose slightly on Monday, barely paring last week's steep losses with the market remaining cautious as increases in U.S. drilling activity have undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain. The market remains uncertain about whether the extension of output cuts by OPEC and other producing countries will be enough to support prices. Brent crude futures LCOc1 settled up 14 cents, o...
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Oil prices could jump $10 a barrel if OPEC extends output cap deal, analyst says

It has been a troubled week for oil prices, which dropped to below the $50 a barrel threshold for the first time this year. But the cost of a barrel of oil could jump to $60 by the end of this year, if OPEC countries decide to extend their output cut agreement, an analyst told CNBC. "We could see WTI go down into the mid-40s but we do still see that rebalancing story intact. Fundamentals haven't changed dramatically this week," Richard Mallinson, geopolitical analyst at Energy Aspects, told CN...
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Market alert: US oil price plunges toward $50 as a perfect storm brews

Oil is on track to break through the key psychological level of $50 a barrel after a ninth straight rise in U.S. crude stockpiles came at exactly the wrong moment, analysts said Wednesday. The amount of crude oil in U.S. storage rose to another record high on Wednesday, jumping 8.2 million barrels from the previous week, the Energy Information Administration reported. The increase was more than four times what analysts expected. Weekly figures also showed U.S. oil production continuing to ti...
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Booming again: U.S. poised for record oil output in 2018

The American oil industry may be on the cusp of an incredible revival. Following a painful war with OPEC, U.S. oil output is poised to rebound this year, thanks to healthier prices and a strengthened business model. That could set the stage for America to set a record-breaking 2018, taking out the all-time oil production high set in 1970, according to new forecasts published this week by the U.S. Energy Information Administration. The U.S. oil comeback is being led by the Permian Basin, a...
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Crude oil prices stage meager rally ahead of Fed speech

By Daniel J. Graeber March 3 (UPI) -- Oil prices were relatively flat early Friday as investors watched U.S. crude oil inventories ahead of a data release on exploration and production activity. Crude oil prices lost ground in Thursday trading following reports that Russia was lagging behind its peers in terms of commitments to an effort led by the Organization of Petroleum Exporting Countries to balance an oversupplied market through managed declines. On Friday, the Kremlin said it wa...
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Oil edges higher on weaker dollar after sell-off

By Karolin Schaps LONDON (Reuters) - Oil prices ticked higher on Friday, recouping some of the previous session's losses, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Global benchmark Brent was up 7 cents at $55.15 a barrel at 1252 GMT, recovering some of Thursday's losses that amounted to more than 2 percent. WTI futures traded at $52.64 a barrel, up 3 cents on the previous clo...
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