SINGAPORE: Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories. Brent crude futures added 11 cents, or 0.2%, to $64.18 a barrel, as of 0148 GMT, after
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Sluggish demand and rising output to profit from strong oil prices lifted US inventory significantly last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -2.8 mmb to 1282 mmb in the week ended February 26. Crude oil inventory jumped remarkably, by
Precious metals beaten up Gold is down $33 to $1705 and silver is down more than 3% as the ugly run continues for gold. I’m not sure I can name a more-hated financial asset right now than gold. I highlighted yesterday that the bounce looked very much like a dead cat-variety rebound. I think there’s
NEW DELHI: Gold futures on Wednesday fell by 0.58 per cent to Rs 45,284 per 10 gram as participants offloaded their holdings on a low spot demand. On the Multi Commodity Exchange, gold prices for April delivery slipped by Rs 264, or 0.58 per cent, to Rs 45,284 per 10 gram in a business turnover
Dollar recovers in early US session as sluggish ADP job growth drags down stock futures. Additionally, treasury yields are having a mild rebound. At this point, Sterling is following as the strongest followed the day, then Canadian. New Zealand Dollar is leading Australian Lower, followed by Swiss Franc and Yen. Eyes will now be on
The Department of Health in Hong Kong said on Tuesday night that it received a suspended serious adverse event following COVID-19 vaccination involving a 63-year-old man who received a COVID-19 vaccine on February 26. The man subsequently developed shortness of breath on Sunday and attended the Queen Elizabeth Hospital for treatment, and passed away on
MELBOURNE: Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a
As widely anticipated, the RBA left all monetary policy measures unchanged. As a summary, the cash rate target, the 3-year Australian Government Bond ‘Yield Curve Control’ (YCC) target and the Term Funding Facility (TFF) interest rate all stay at 0.1%. While acknowledging the upbeat economic developments, policymakers pledged to make further adjustments to its purchases
Commodity boom in everything extends to milk Fronterra’s GlobalDairyTrade auction put the average price at $4231, which is a 15.0% increase, including 21.0% in whole milk powder. Not only is that huge jump, but it’s the 8th consecutive auction with higher prices. Prices are up around 40% since November. Invest in yourself. See our forex
NEW DELHI: Silver futures on Tuesday dropped by Rs 1,373 to Rs 67,427 per kg as participants reduced their bets on low demand. On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 1,373, or 2 per cent, to Rs 67,427 per kg in a business turnover of 12,801 lots. Silver traded
Euro is under some pressure today after a heavy ECB official indicated the readiness to response to surging yields. But Swiss Franc is not too far behind. The forex markets are mixed elsewhere. Dollar is currently the stronger one, together with Aussie and Sterling. Meanwhile, Kiwi is the weaker commodity currencies. Canadian Dollar is mixed,
There has been no let-up on the offer in oil with prices falling further during the Asian timezone so far. I’ve been posting on the upcoming OPEC+ meeting: An overnight summary from ANZ raises similar concerns on a potential boost in output, in brief: traders look ahead nervously to the OPEC meeting with signs that
By Saket SundriaOil sank below $60 a barrel in Asian trading amid growing concern over this week’s OPEC+ output-setting meeting. Futures in New York fell for a third day, putting them on course for the worst run of losses since December. The alliance gathers on Thursday to decide how many barrels to return to a
Commodity currencies and Sterling recover broadly as sentiments in Asian markets stabilized, after mixed economic data. In particular, Nikkei is trading up over 2% at the time of writing, with help from strong PMI manufacturing. On the other hand, Yen turn softer together with Swiss Franc, Dollar and Euro. But majority of major pairs and
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New Delhi: Gold prices declined for the second consecutive day in the national capital on Wednesday, falling Rs 631 to Rs 51,367 per 10 gram amid rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 51,998 per 10 gram. Silver prices also tanked Rs 1,681 to Rs
Swiss Franc is in deep selloff again today as risk sentiment further stabilized in the markets. European indices rebound broadly while US futures point to higher open. Global bond markets also turned mixed for now. Euro and Yen are following as next weakest. Meanwhile, Canadian Dollar is leading other commodity currencies higher. Dollar and Sterling
The meeting (via remote videoconference) of OPEC and non-Opec (i.e. OPEC+) is on March 4. The background to the meeting is a strong rise in pieces to pre-pandemic levels (oil is up again today) The US is recovering some output from the big freeze OPEC+ has constrained supply as vaccine rollout accelerates round the globe