Commodities

Gold Prices Fall as Dollar Recovers

© Reuters. Gold was lower on Friday. Investing.com – Gold prices were lower on Friday as the greenback recovered from a two-week low as inflation pressures eased. Comex for December delivery fell 0.39% to $1,222.80 a troy ounce as of 8:58 AM ET (12:58 GMT), after recording its largest daily percentage gain on Thursday since …

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Trump will meet China’s Xi at G20 if talks look positive: CNBC

© Reuters. Pictures of the Year: U.S. Politics WASHINGTON (Reuters) – U.S. President Donald Trump would go through with plans to meet with Chinese President Xi Jinping at the G20 summit next month if it looked like it would be a positive meeting, U.S. Treasury Secretary Steven Mnuchin said on Friday. “If it looks like …

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World oil market ‘adequately supplied for now’: IEA

© Reuters. FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania By Christopher Johnson LONDON (Reuters) – Oil markets look “adequately supplied for now” after a big production increase in the last six months, …

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Oil Prices Rise on Stockpile, Global Demand Concerns

© Reuters. Crude oil was higher on Friday. Investing.com – Crude prices were higher on Friday as an increase in stockpile data sparked concerns about a global oversupply as demand for oil wanes. West Texas for November rose 0.66% to $71.44 a barrel as of 6:07 AM ET (10:07 GMT). Meanwhile futures, the benchmark for …

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Gold Prices Slip but Trades Near 10-week High; Dollar Unchanged

© Reuters. Gold prices slipped on Friday Investing.com – Gold prices slipped on Friday but hovered near 10-week high after gaining 3% in the previous session, its biggest one-day gain in more than two years. December slipped 0.3% and traded at $1,224.30 on the COMEX division of the New York Mercantile Exchange by 1:48 AM …

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Oil jumps 1 percent after two-day fall, still set for weekly fall

© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland By Aaron Sheldrick TOKYO (Reuters) – Crude prices jumped 1 percent on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still headed for its first weekly …

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Oil Prices Gain as Equity Markets Extend Slide; U.S. Crude Inventories Rose

Oil prices gained on Friday Investing.com – Oil prices gained on Friday as global equity markets extended their slide. Meanwhile, data from the Energy Information Administration (EIA) showed U.S. crude stockpiles jumped more than expected last week. for November delivery gained 0.52% to $71.34 per barrel at 12:01AM ET (04:01 GMT) on the New York …

Oil Prices Gain as Equity Markets Extend Slide; U.S. Crude Inventories RoseRead More »

Oil prices hold ground, but set for 4 percent weekly fall

© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland TOKYO (Reuters) – Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or …

Oil prices hold ground, but set for 4 percent weekly fallRead More »

Canada sees little chance of quick end to U.S. metals tariffs: sources

© Reuters. A worker walks by rolled up steel sits in the ArcelorMittal Dofasco steel plant in Hamilton, Ontario By David Ljunggren OTTAWA (Reuters) – Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S. push to agree to …

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Exclusive: Shell seeks to sell Venezuela JV stake to France’s Maurel & Prom – sources

© Reuters. FILE PHOTO: Oil pumps are seen in Lake Maracaibo, in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela By Marianna Parraga and Alexandra Ulmer MEXICO CITY/CARACAS (Reuters) – Royal Dutch Shell Plc (AS:) is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom (PA:), …

Exclusive: Shell seeks to sell Venezuela JV stake to France’s Maurel & Prom – sourcesRead More »

Oil Down 3%, Hit by Oversupply Risk, Wall Street Slump

© Reuters. Oil tumbles 3% on oversupply warning. Investing.com – Oil prices tumbled about 3% on Thursday after another outsize weekly build in U.S. crude stocks and OPEC’s suggestions the global market could be in a glut by next year. The ominous warning of oversupply was a one-two punch for a market already reeling from …

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Gold Posts Biggest Gain Since 2016 on Equities Rout, Fear Factor

© Reuters. Gold in biggest one-day percentage gain since June 2016. Investing.com – Gold jumped about 3% on Thursday, its biggest one-day gain in more than two years, as tumbling stock markets on fears over rising bond yields and rates drove investors toward safe havens. Slowing global growth and trade tensions also helped return the …

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Canada pessimistic about quick end to U.S. metals tariffs: sources

© Reuters. A worker walks by rolled up steel sits in the ArcelorMittal Dofasco steel plant in Hamilton, Ontario By David Ljunggren OTTAWA (Reuters) – Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S. push to agree to …

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U.S. business group says Trump China tariffs cost $1.4 billion/month

© Reuters. FILE PHOTO: FILE PHOTO: Trump announces intellectual property tariffs on goods from China, at the White House in Washington By Ginger Gibson WASHINGTON (Reuters) – A coalition of U.S. business groups fighting President Donald Trump’s trade tariffs has launched an advertisement aimed at telling voters ahead of the midterm elections that the measures …

U.S. business group says Trump China tariffs cost $1.4 billion/monthRead More »

U.S. Crude Oil Inventories Rose by 6M Barrels Last Week: EIA

© Reuters. Oil inventories jumped in the latest week. Investing.com – oil inventories rose much more than expected last week, the Energy Information Administration said in its weekly report on Thursday. The EIA data, released a day late due to Monday’s Columbus Day holiday, showed that rose by 5.987 million barrels in the week to …

U.S. Crude Oil Inventories Rose by 6M Barrels Last Week: EIARead More »

Rupee plunges to record low of 74.48 against dollar on foreign fund outflows

After opening weak at 74.37, the rupee slipped 26 paise to hit a fresh low of 74.48, even as demand for US dollar strengthened. The rupee plunged to a record low of 74.48 against the dollar on Thursday, amid a wild sell-off in the stock market and unabated foreign fund outflows. After opening weak at …

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OPEC says oil market well supplied, wary of 2019 surplus

© Reuters. OPEC Secretary General Barkindo speaks during a session of the Russian Energy Week international forum in Moscow By Alex Lawler and Amanda Cooper LONDON (Reuters) – OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in …

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OPEC cuts forecast for global oil demand growth in 2019

© Reuters. FILE PHOTO: The OPEC logo is seen at OPEC’s headquarters in Vienna LONDON (Reuters) – OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets. …

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Gold Prices Climb Over 1%, Regains $1,200 Level amid Stock Rout

© Reuters. Gold climb over 1%, regains $1,200 level amid stock rout Investing.com – Gold prices rose more than 1% on Thursday, regaining the psychologically important $1,200 level as a rout in global stock markets spurred by fears over rising bond yields, slowing global growth and trade tensions bolstered safe haven demand. December were up …

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OPEC Secretary-General questions ‘misguided’ renewables debate after climate report

© Reuters. OPEC Secretary-General Barkindo listens during a news conference in Vienna LONDON (Reuters) – OPEC’s Secretary-General on Thursday criticized a report calling for radical action to fight climate change, saying the idea that renewable energy was the world’s only future was misguided and that a “bombardment” of green advocacy could be harmful. A U.N. …

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OPEC’s Barkindo: factors beyond producers’ control are impacting oil market

© Reuters. FILE PHOTO – OPEC Secretary General Barkindo speaks during a session of the Russian Energy Week international forum in Moscow LONDON (Reuters) – OPEC Secretary-General Mohammad Barkindo said on Thursday that there are many non-fundamental factors influencing the oil market that are beyond oil producers’ control. Barkindo, speaking at the Oil & Money …

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Record-breaking Hurricane Michael batters Florida Panhandle

© Reuters. Waves crash on stilt houses along the shore due to Hurricane Michael at Alligator Point in Franklin County By Rod Nickel PANAMA CITY, Fla. (Reuters) – Hurricane Michael, the third-most powerful ever to strike the U.S. mainland, battered the Florida’s Gulf coast with roof-shredding winds, raging surf and torrential rains before it was …

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Oil Set for Worst 2-Day Drop Since July as Stock Turmoil Spreads

(Bloomberg) — Oil headed for the biggest two-day drop since July, with fuels from diesel to gasoline also declining as fears over a worsening trade war rattled markets across the board. Futures dropped as much as 1.8 percent in New York, after sliding 2.4 percent Wednesday. As trade tensions between the U.S. and China escalate, …

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Oil Prices Fall Amid Rout in Global Stock Markets

Oil prices dipped on Thursday following a rout in global stock markets Investing.com – Oil prices dipped on Thursday following a rout in global stock markets. Data from the American Petroleum Institute (API) was in focus as it showed U.S. crude inventories jumped more than expected last week. for November delivery slid 1.7% to $71.92 …

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Oil extends losses as other markets fall, inventories rise

© Reuters. FILE PHOTO: Oil tanker unloads crude oil at a crude oil terminal in Zhoushan TOKYO (Reuters) – Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had …

Oil extends losses as other markets fall, inventories riseRead More »

Exclusive: Brazil’s Bolsonaro would not sell Petrobras in short-term – party chief

© Reuters. FILE PHOTO: Jair Bolsonaro, far-right lawmaker and presidential candidate of the Social Liberal Party (PSL), casts his vote in Rio de Janeiro By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) – The far-right front-runner in Brazil’s presidential election, Jair Bolsonaro, has no plans to privatize state-run oil company Petroleo Brasileiro SA (SA:) in …

Exclusive: Brazil’s Bolsonaro would not sell Petrobras in short-term – party chiefRead More »

Cash-strapped Venezuela sets new wages for oil workers as protests simmer

© Reuters. FILE PHOTO: Workers of state-run oil company PDVSA shout and hold a flag with their corporate logo during a rally against imperialism in Caracas By Alexandra Ulmer CARACAS (Reuters) – Venezuela on Wednesday increased wages for workers at state energy company PDVSA after employees staged small protests to decry meager salaries amid the …

Cash-strapped Venezuela sets new wages for oil workers as protests simmerRead More »

Gold up Again on Safe-Haven Bids as Treasury Yields Rebound

© Reuters. Gold extends rebound on safe-haven bids. Investing.com – Gold resumed its recovery on Wednesday from this week’s early tumble amid ramping demand for safe havens as U.S. Treasury yields rebounded and the IMF warned of slowing global growth. “Investors might start to look for alternative investments to equities, as factors such as high …

Gold up Again on Safe-Haven Bids as Treasury Yields ReboundRead More »

Gold Prices Flat as Dollar Takes a Breather

© Reuters. Gold prices hold steady Investing.com – Gold prices were largely unchanged Wednesday as investors grappled with rising U.S. interest rates, although the metal drew some support from the dollar coming off a seven-week high. Comex were down 20 cents at $1,191.30 a troy ounce by 10:28AM ET. Meanwhile, was trading at $1,188.35 per …

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Oil Prices Struggle Ahead of Hurricane Michael

© Reuters. Oil prices decline Investing.com – Crude prices edged lower on Wednesday, as investors watched , which has intensified to Category 4 storm and was barreling down on Florida. Some of the storm’s most significant early impact was to offshore energy production. U.S. producers in the Gulf cut oil production by about 40%, the …

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World’s biggest traders see oil at $65-$100 a barrel next year

© Reuters. A rainbow is seen over a pumpjack during sunset outside Scheibenhard LONDON (Reuters) – The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year due to U.S. sanctions on Iran. Oil has rallied this year on expectations the …

World’s biggest traders see oil at $65-$100 a barrel next yearRead More »

Petrol price today: Petrol prices unchanged in metros; diesel prices hiked in Delhi, Mumbai; check rates here

Last week, after petrol prices had peaked to a record high of Rs 91.34 in Mumbai, the Narendra Modi-led government announced a cut of Rs 2.5 slash in petrol prices. Petrol price today: Petrol prices in the major metros remained unchanged on Wednesday. Just two days after the government provided relief, petrol prices have soared …

Petrol price today: Petrol prices unchanged in metros; diesel prices hiked in Delhi, Mumbai; check rates hereRead More »

Hurricane Michael gathers deadly force as Florida braces for monster storm

© Reuters. A red flag, warning of dangerous conditions, is seen on a pier in advance of Hurricane Michael in Pensacola By Devika Krishna Kumar TALLAHASSEE, Fla. (Reuters) – Hurricane Michael grew into a potentially deadly Category 4 storm on Wednesday before it was due to smash into Florida’s Gulf shore with towering waves and …

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Oil dips as IMF cuts growth outlook; eyes on hurricane

© Reuters. FILE PHOTO: Pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong By Christopher Johnson LONDON (Reuters) – Oil prices slipped on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael moved toward Florida causing the shutdown of nearly 40 percent of U.S. Gulf …

Oil dips as IMF cuts growth outlook; eyes on hurricaneRead More »

Hurricane Michael becomes a Category 4 as Florida braces for monster storm

© Reuters. A red flag, warning of dangerous conditions, is seen on a pier in advance of Hurricane Michael in Pensacola By Devika Krishna Kumar TALLAHASSEE, Fla. (Reuters) – Hurricane Michael strengthened into a Category 4 storm early on Wednesday before it was expected to plow into Florida’s Gulf shore with towering waves and roof-shredding …

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Fat profits: Asian traders cash in as Europe thirsts for waste oils

© Reuters. A worker at FatHopes Energy filters the collected used cooking oil to remove impurities at their facility in Shah Alam, outside Malaysia’s capital city of Kuala Lumpur By Emily Chow KUALA LUMPUR (Reuters) – Once surreptitiously dumped down drains in the dead of night, Asia’s used cooking oil is fast becoming one of …

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Oil dips as IMF lowers global growth outlook; eyes on U.S. hurricane

© Reuters. FILE PHOTO: Pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong TOKYO (Reuters) – Oil prices edged lower on Wednesday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned toward Florida, causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico …

Oil dips as IMF lowers global growth outlook; eyes on U.S. hurricaneRead More »

Trump Boosts High-Ethanol Gasoline as He Courts Iowa Farm Voters

© Reuters. Trump Boosts High-Ethanol Gasoline as He Courts Iowa Farm Voters (Bloomberg) — President Donald Trump moved on Tuesday to make it easier to sell more ethanol in vehicle fuel, delivering a victory to corn farmers and biofuel producers that could translate to long-term market gains. Trump directed the Environmental Protection Agency to lift …

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China May Put Its Pigs On a Diet to Avoid U.S. Soybean Imports in Trade War

© Bloomberg. Adult pigs covered in mud sit in a pen at the Jia Hua antibiotic-free pig farm in Tongxiang, China. Photographer: Qilai Shen/Bloomberg (Bloomberg) — China’s 400 million pigs may have to get used to a new diet in the name of national interest. The country is considering whether to cut the amount of …

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Oil up on Storm Fears as Iran Exports Drop

© Reuters. Oil climbs on storm watch, Iran exports dip. Investing.com – Crude prices snapped a two-day slide to rise about 1% on Tuesday, supported by worries of a hurricane swirling toward the oil-rich U.S. Gulf Coast and data showing Iranian crude exports down by more than half before sanctions beginning next month. Companies operating …

Oil up on Storm Fears as Iran Exports DropRead More »

Gold Climbs, but Upside in Doubt With Price Under $1,200

© Reuters. Gold rebounded slightly. Investing.com – Gold rebounded slightly Tuesday, as the recent jump in U.S. bond yields and persistent concerns over global growth sparked an investor flight toward safe-havens. But futures for the yellow metal remained below the $1,200 level that’s critical to the confidence of gold bugs, raising questions on its potential …

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Gold Prices Climb From 1-Week Lows in Risk-Off Trade

© Reuters. Gold comes off 1-week lows in risk-off trade Investing.com – Gold prices moved higher on Tuesday, pulling away from one-week lows as rising U.S. bond yields and concerns over the outlook for global growth soured market sentiment. December were up $3.20 or 0.27% to $1,191.8 by 10:30 AM ET (14:31 GMT) on the …

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Oil Prices Nudge Up Ahead of Hurricane Michael

© Reuters. Oil gains ahead of Hurricane Michael Investing.com – Crude prices nudged higher on Tuesday, after companies operating in the Gulf of Mexico shut down nearly 20% of oil production as moved towards eastern Gulf states including Florida. As Michael moved over open water, energy companies halted nearly one-fifth of Gulf of Mexico oil …

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Natural gas here to stay beyond energy transition, Big Oil says

© Reuters. FILE PHOTO – A LNG carrying vessel sails at Tokyo Bay, offshore of Yokosuka By Ron Bousso and Shadia Nasralla LONDON (Reuters) – Energy companies are betting demand for will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy. Top oil companies …

Natural gas here to stay beyond energy transition, Big Oil saysRead More »

IEA Urges OPEC to Open the Taps as Oil Market Enters ‘Red Zone’

© Reuters. IEA Urges OPEC to Open the Taps as Oil Market Enters ‘Red Zone’ (Bloomberg) — The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets …

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Iranian tanker discharges oil into storage in China ahead of U.S. sanctions

© Reuters. Iranian tanker discharges oil into storage in China ahead of U.S. sanctions By Chen Aizhu and Meng Meng BEIJING (Reuters) – A vessel carrying 2 million barrels of Iranian oil discharged the crude into a bonded storage tank at the port of Dalian in northeast China on Monday, according to Refinitiv Eikon data …

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Russian energy minister says U.S. tweets cause market confusion

© Reuters. Russian energy minister says U.S. tweets cause market confusion MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said on Tuesday that comments and social media posts on Twitter by the U.S. leadership caused confusion on global markets. “The emotional flashes, comments, tweets, which are coming from the U.S. leadership – they are bringing …

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China slashes U.S. LPG imports amid trade war

© Reuters. Ship and containers are shown at the port of Los Angeles in Los Angeles, California, By Seng Li Peng SINGAPORE (Reuters) – China has choked back on imports of liquefied petroleum gas (LPG) from the United States, traders and analysts said, turning to the Middle East for extra supplies amid the two countries’ …

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Oil prices rise on signs Iranian crude exports fall further

© Reuters. FILE PHOTO: An oil pump is seen at sunset outside Vaudoy-en-Brie By Aaron Sheldrick TOKYO (Reuters) – Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC’s third-largest producer, are declining in the run-up to the re-imposition of U.S. sanctions and as a hurricane moved across the Gulf …

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Gold Prices Inch Up; Dollar Little Changed as IMF Cuts Global Growth Forecasts

Gold prices inched up on Tuesday Investing.com – Gold prices inched up on Tuesday while the dollar remained largely unchanged following reports that the International Monetary Fund (IMF) cuts its global economic growth forecasts for 2018 and 2019. for December delivery on the Comex division of the New York Mercantile Exchange was up 0.5% at $1,193.90 a …

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