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U.S. gold futures gained 0.3% to $1,938.90. The yuan hit two-week highs against the U.S. dollar after data showed China factory output and retail sales in August beat forecasts, making greenback-priced bullion more attractive for Chinese buyers. "The outlook for rates to be kept high for longer has been keeping non-yielding gold prices under pressure," said Yeap Jun Rong, a market strategist at IG. We, therefore, do not view monetary policy as supportive of gold until well into 2024," HSBC said in a note. "Institutional investors have yet to commit to gold, as net long positions on the CME and ETF holdings indicate."

Persons: Yuan, Bullion, Jun Rong, Swati Verma, Sherry Jacob, Phillips Organizations: U.S, Reuters Graphics, IG, HSBC, CME, Thomson Locations: China, U.S, Bengaluru

☆ Gold rises after China data boosts yuan against dollar
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices gained on Friday as the dollar eased against the yuan after promising China economic data boosted recovery hopes in the world's top bullion consumer, although the possibility of further U.S. interest rate hikes kept investors on edge. Spot gold was up 0.3% at $1,915.09 per ounce by 0320 GMT. The yuan hit two-week highs against the dollar after data showed China factory output and retail sales in August beat forecasts in boost to recovery prospects. "The outlook for rates to be kept high for longer has been keeping non-yielding gold prices under pressure," said Yeap Jun Rong, a market strategist at IG.

Persons: Bullion, Jun Rong Organizations: Federal Reserve, IG, European Central Bank Locations: Moscow, Russia, China, U.S

☆ Gold slides to 1-week low on elevated US dollar, yields
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices extended losses to hit their lowest level in a week on Wednesday as U.S. Treasury yields and the dollar strengthened on expectations that interest rates are likely to remain high. The U.S. dollar hovered near six-month highs hit on Tuesday, while 10-year bond yields were at over one-week highs as markets weighed cues on interest rates. Federal Reserve Governor Christopher Waller said the latest round of economic data was giving the U.S. central bank space to see if it needs to raise interest rates again. Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold, which does not earn any interest.

Persons: Christopher Waller, Jun Rong Organizations: Aurum, Treasury, U.S, Federal, CPI, Higher, Trust Locations: .

☆ Country Garden stocks surge after bondholders agree to extend debt payment
▼ + stars: | 2023-09-04 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The deal was significant, as it was the first debt extension the firm has secured since its liquidity crisis became public last month. According to the agreement with creditors, which was reported by multiple state-owned media outlets on Saturday, Country Garden will now be able to stretch its payment of the outstanding principal of $540 million into 2026. This particular bond had the largest outstanding balance that the company needed to pay out among its onshore debt in the coming year, they added. Country Garden, which was China’s largest residential developer by sales last year, is battling a cash crunch. It has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s.

Persons: hasn’t, ’, Yeap Jun Rong Organizations: Hong Kong CNN — Investors, CNN, China Overseas, Southern Media Group, Huatai Securities, IG Locations: China, Hong Kong

☆ Gold holds ground as markets gauge U.S. rate outlook
▼ + stars: | 2023-08-28 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices firmed on Monday despite U.S. Federal Reserve Chair Jerome Powell's hawkish stance on interest rates as markets sought direction from economic data this week for confirmation on the rate trajectory. Spot gold was up 0.1% at $1,916.19 per ounce by 0354 GMT, U.S. gold futures gained 0.2% to $1,943.90. "However, much still awaits on a sustained recovery in gold prices for now, given that concerns of re-accelerating inflation on U.S. economic resilience are translating into mounting bets of a November rate hike." A series of economic data this week, with the U.S. non-farm payroll report on Friday will likely to provide a sharper focus on the economy's strength.

Persons: Jerome Powell's, Powell, Jun Rong, Cleveland Federal Reserve Bank Loretta Mester Organizations: Aurum, U.S, Federal, IG, Cleveland Federal Reserve Bank, U.S . Locations: Jackson Hole , Wyoming

☆ Oil set for 2nd weekly fall on firm dollar as supply worries ebb
▼ + stars: | 2023-08-25 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Further weighing on market sentiment, U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil. Analysts estimated that the top oil exporter will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.

Persons: Chen Aizhu, Jerome Powell, Brent, Jun Rong, Powell's, Laura Sanicola, Muyu Xu, Jacqueline Wong Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Companies United, Federal, U.S, West Texas, IG, Haitong Futures, Analysts, Thomson Locations: China, Dalian, Liaoning province, Companies United States, America, Turkey, Kurdistan, Iraq, Saudi Arabia

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

☆ Gold off 3-week lows as investors brace for U.S. inflation data
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dipped on Monday as the U.S. dollar climbed ahead of U.S. inflation data this week. Still, bullion was off three-week lows after slowing U.S. job growth knocked bond yields from their recent highs. Markets also took stock of labor department data showing solid wage gains and a decline in the unemployment rate that suggested continued tightness in labor market conditions. Data on U.S. consumer prices, due on Thursday, will be in focus to assess whether more rate hikes are needed to tame inflation. Non-yielding gold is often sought as a safe investment against inflation but tends to lose its sheen when rates rise.

Persons: Yeap Jun Rong, Edward Meir Organizations: U.S, Treasury, IG, Fed, U.S . Locations: Moscow, U.S

☆ Gold prices brace for biggest weekly decline in five
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +2 min

At Agosi AG in Pforzheim, freshly cast gold granules are on display that have a fine gold content of 99.99 percent. Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23. "Any confirmation of an adjustment at the upcoming meeting will bring about upside risks to global bond yields and weigh on the non-yielding yellow metal further." Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold.

Persons: Bullion, Yeap Jun Rong Organizations: Agosi AG, Bank of Japan, IG, U.S, Fed, Higher Locations: Pforzheim, Baden, Württemberg, U.S

☆ Gold listless as traders avoid big bets ahead of Fed decision
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +2 min

Gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve's policy decision later in the day. Spot gold held steady at $1,963.99 per ounce by 0546 GMT, while U.S. gold futures were up 0.1% to $1,965.20. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. Along with policy guidance from the European Central Bank, traders also await second-quarter U.S. GDP data due on Thursday. As per the International Monetary Fund, the bank should start preparing for future monetary tightening.

Persons: Gold, Jun Rong, Yeap Organizations: U.S, IG, Treasury, European Central Bank, PCE, Bank of Japan's, Monetary Fund Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, U.S, Asia, Japan

☆ Oil steady on lower U.S. crude stocks, cautious demand outlook
▼ + stars: | 2023-07-20 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +1 min

SINGAPORE, July 20 (Reuters) - Oil prices were little changed on Thursday as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious. September WTI crude was higher by 6 cents, or 0.1%, to $75.35. The outlook for demand in China, the world's biggest crude buyer, was also unclear amid its slowing economy. Crude prices may struggle to find a clear direction amid a mixed global demand outlook in the next few weeks, Citi analysts said in a note. Demand is "a mixed picture with stronger gasoline and jet fuel demand, but weaker petchems and diesel," the analysts said.

Persons: Brent, Jun Rong, Jeslyn Lerh, Laura Sanicola, Sonali Paul, Miral Fahmy, Kim Coghill Organizations: U.S . West Texas, IG, U.S ., Citi, Thomson Locations: SINGAPORE, U.S, China, Saudi, Singapore, Washington

☆ Gold retreats on dollar uptick, traders bet on Fed pause
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: +2 min

On display at Agosi AG in Pforzheim is a gold bar that weighs 12.5 kilograms (400 ounces), has a fine gold content of 99.99 percent and lies on gold granules. Gold prices eased on Wednesday from a 1-1/2-month high touched in the previous session, dragged by a slightly stronger dollar, even as investors bet that recent U.S. economic readings make the case for a pause in the Federal Reserve's rate-hike stance. Spot gold fell 0.1% to $1,976.05 per ounce by 0350 GMT, after hitting its highest since May 24 at $1,984.19 on Tuesday. The dollar index edged higher from a more than one-year low hit on Tuesday, making gold more expensive for holders of other currencies. "Gold prices may have to reclaim the key psychological level of $2,000 to potentially provide more conviction for buyers," said Yeap.

Persons: Jun Rong, Wang Tao Organizations: Agosi AG, Reuters, Palladium Locations: Pforzheim, ., U.S, China

☆ Oil prices rise on cooling US inflation, China trade data
▼ + stars: | 2023-07-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, July 13 (Reuters) - Oil prices climbed on Thursday after U.S. inflation and economic data sparked hopes that the Federal Reserve may have fewer interest rate hikes in store and Chinese trade figures showed monthly oil imports were the second-highest on record in June. Brent crude futures gained 21 cents, or 0.3%, to $80.32 per barrel by 0630 GMT, while U.S. West Texas Intermediate crude futures were up 13 cents, or 0.2%, at $75.88. U.S. data on Wednesday showed consumer prices rose modestly in June, registering the smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it because higher rates can slow economic growth and reduce oil demand. Crude oil imports for January-June were up 11.7% at 282.1 million metric tons, while refined oil products exports for January-June were up 44.7% at 31.31 million metric tons, customs data showed.

Persons: Jun Rong, Yeap, Phil Flynn, Jeslyn Lerh, Laura Sanicola, Jamie Freed, Jacqueline Wong Organizations: Federal, Brent, U.S, West Texas, IG, Administration, Customs, U.S . Energy, Price Futures, Thomson Locations: SINGAPORE, U.S, Singapore, Washington

☆ Gold rises on softer dollar, yields ahead of U.S. inflation data
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Spot gold rose 0.4% to $1,939.43 per ounce by 0518 GMT, its highest since June 20. U.S. gold futures rose 0.4% to $1,944.90. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot Organizations: Pro Aurum, Treasury, CPI, IG, Reuters, Metals Focus, greenback

SummaryCompanies Dollar down 0.3%, at lowest since May 11Inflation data expected at 1230 GMTJuly 12 (Reuters) - Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Making gold cheaper for holders of other currencies, the dollar index (.DXY) fell 0.3% to its lowest level since May 11. "There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures," said Yeap Jun Rong, market strategist at IG. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot, Seher, Sherry Jacob, Phillips, Sohini Organizations: Treasury, CPI, IG, Reuters, Metals, Thomson Locations: Bengaluru

☆ Oil dips as China demand fears offset tighter supply outlook
▼ + stars: | 2023-07-06 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, July 6 (Reuters) - Oil prices slipped in Asian trade on Thursday as fears of a sluggish demand recovery in the world's top crude importer China offset the prospect of tighter supply, with top exporters Saudi Arabia and Russia cutting output. Brent crude futures dipped 21 cents, or 0.3%, to $76.44 a barrel at 0650 GMT, after settling higher 0.5% the previous day. "Near-term, a move above the key $80.00 level may be needed to provide some conviction for the bulls," Yeap added. Weighing on the demand outlook, China's services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum. Analysts had expected a drop in crude inventories of about 1 million barrels in a Reuters poll.

Persons: Jun Rong, Yeap, Tatsufumi Okoshi, Okoshi, Prince Abdulaziz bin Salman, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, IG, Nomura Securities, Saudi, American Petroleum Institute, Thomson Locations: SINGAPORE, China, Saudi Arabia, Russia, Saudi, OPEC, Tokyo, Singapore

☆ Gold flat as investors await U.S. data for rate cues
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold was flat on Thursday as investors awaited a raft of U.S. economic data that could influence the Federal Reserve's policy trajectory, after minutes of its June meeting reaffirmed expectations that interest rates could remain higher for longer. Spot gold held its ground at $1,917.46 per ounce by 0459 GMT, while U.S. gold futures fell 0.2% to $1,924.10. Therefore, a series of labor market data will be on watch, but much will still revolve around a continued moderation in wage pressures, he added. Rising U.S. interest rates increase the opportunity cost of holding non-yielding bullion.

Persons: Gold, Jun Rong, Wang Tao, Janet Yellen's Organizations: Aurum, IG, Traders, Investors, U.S . Labor, Labor, Survey, Treasury Locations: U.S, Janet Yellen's Beijing

U.S. West Texas Intermediate crude (WTI) fell 5 cents or 0.1% to $69.81. While it would be Brent's first monthly gain for 2023, it would mark a second for WTI after a gain in April. Despite the probable monthly gain, on a quarterly basis, Brent looks set for a loss of about 6% while WTI appears headed for a decline of about 7%. The oil price gains on Friday were, however, capped by weak Chinese economic data and fears of higher interest rates. U.S. oil rig count data, an indicator of future supply, will be released later in the day.

Persons: Brent, WTI, Yeap, Rong, Novorossiisk, Robert Carnell, Jerome Powell, Arathy Somasekhar, Muyu Xu, Edwina Gibbs, Robert Birsel Organizations: Brent, . West Texas, U.S . Energy Information Administration, IG, ING, Federal Reserve, Thomson Locations: U.S, Saudi Arabia, That's, OPEC, Primorsk, Ust, Houston, Singapore

Hong Kong/London CNN —Oil prices edged higher, while global stocks and the ruble fell early Monday as investors reacted to the weekend’s brief and chaotic insurrection in Russia. Markets were largely focused on whether the turmoil in Moscow could disrupt global energy supplies. US crude oil futures briefly climbed 1.3% during Asian trading hours. Signs that global energy demand could weaken as economies slow have pushed US crude prices down by nearly 14% so far this year to just under $70 a barrel. Stocks slip, ruble slidesReacting to the short-lived Wagner insurrection, the Russian ruble opened at its lowest level in nearly 15 months.

Persons: Brent, Vladimir Putin, Antony Blinken, ”, Yeap Jun Rong, Wagner, Jeffries, Jerome Powell Organizations: London CNN, Rystad Energy, Wagner Group, IG Group, Brent, Russian, Japan’s Nikkei, Bank of England, Bank of Japan Locations: Hong Kong, London, Russia, Moscow, Asia, Shanghai

☆ Gold listless as investors hunt for Fed rate clues
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,949.59 per ounce by 0248 GMT, while U.S. gold futures fell 0.5% to $1,961.20. "Gold prices seem exhausted lately, as intermittent bounces over the past month have failed to find much follow-through ... Investors are now focusing on Powell's congressional testimony on Wednesday and Thursday for further guidance on interest rates following the Fed's hawkish pause on monetary policy tightening last week. Although gold is considered a hedge against inflation, interest rate hikes raise the opportunity cost of holding non-yielding bullion. Additionally, the European Central Bank should raise interest rates again in July as inflation risks are skewed towards higher outcomes, Slovakia's central bank chief said on Monday, while the Bank of England is expected to raise rates by another 25 basis points on Thursday.

Persons: Jerome Powell, Yeap Jun Rong, IG's, Rong Organizations: U.S . Federal, Investors, Fed, U.S ., European Central Bank, Bank of England Locations: China

☆ Oil rebounds on strong China refinery data but economic outlook caps gains
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +2 min

Oil rebounded on Thursday after the previous day's plunge, as data showed a jump in refinery runs at the world's top crude importer China, though a weak economic backdrop capped gains. China's oil refinery throughput in May rose 15.4% from a year earlier, data showed on Thursday, hitting its second highest total on record. But a weak economic outlook capped price gains on Thursday, as China's industrial output and retail sales growth in May missed forecasts. The somber Chinese data weighed on oil prices, said Priyanka Sachdeva, a market analyst at Phillip Nova. A high-for-longer rate outlook may lead to further growth pressures and keep oil demand conditions in check, said Yeap Jun Rong, a market strategist at IG.

Persons: refiners, Priyanka Sachdeva, Phillip Nova, Sachdeva, Yeap Jun Rong, Yeap Organizations: Brent, . West Texas, U.S . Federal Reserve, IG, European Central Bank, Bank of England Locations: China

☆ Gold set for monthly drop as US debt agreement saps appeal
▼ + stars: | 2023-05-31 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold set for first monthly fall in threeSilver, platinum, palladium face monthly lossGold defended support confluence zone at $1,940 level - analystMay 31 (Reuters) - Gold prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion's safe-haven status. Spot gold fell 0.2% to $1,955.28 per ounce by 0243 GMT, and lost 1.7% so far this month. Gold prices have come off their recent near-record highs reached early in May. Higher interest rates dull the appeal for zero-yield bullion. A hawkish build in rate expectations has translated to some resilience in place, and until that reverses, upside for gold prices may continue to remain capped, Jun Rong added.

Persons: Gold, Joe Biden, Kevin McCarthy, Yeap Jun Rong, Jun Rong, Arundhati Sarkar, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Federal Reserve, U.S, IG, Thomson Locations: U.S, Bengaluru

☆ Oil rebounds on fading risk of US debt default
▼ + stars: | 2023-05-19 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil rebounds on fading risk of U.S. debt default
▼ + stars: | 2023-05-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. The potential for additional rate hikes increases concerns about demand weakness in the United States, said analysts from National Australia Bank. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

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