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☆ Crude oil posts third straight weekly loss as supply and demand weigh on market
▼ + stars: | 2024-06-07 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures Friday posted a third straight weekly loss on worries that demand may be softening even as OPEC+ plans to increase production. Here are Friday's closing energy prices:The OPEC+ production increase would start when refineries are down for fall maintenance and then ramp up as demand typically weakens heading into winter. Still, oil market analysts have widely described this week's sell-off as an overreaction, noting that the OPEC+ production increase does not start until October. In the meantime, oil balances should tighten as the cuts remain in place during the summer driving season when demand typically rises, according to JPMorgan. JPMorgan and Barclays have said oil demand growth remains relatively healthy.

Organizations: Brent, Poor U.S, JPMorgan, Barclays, Deutsche Bank, RBC Capital Markets Locations: Gulf of Mexico, OPEC

☆ Gold holds above $2,100 near record high, focus on Powell testimony
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Gold prices held above the $2,100 level on Wednesday, near a record peak hit in the previous session as hopes for U.S. rates easing by mid-year mount, while traders awaited remarks on the economy's health from Federal Reserve Chair Jerome Powell. Spot gold edged down 0.1% at $2,126.13 per ounce, as of 0458 GMT. Spot prices hit a record peak of $2141.59 per ounce overnight on Tuesday, rallying for a fifth straight session. Spot platinum rose 0.4% to $884.16 per ounce, and palladium rose over 1% to $958.20, while silver dropped 0.3% to $23.63.

Persons: Jerome Powell, Ajay Kedia, Kunal Shah Organizations: Federal, Kedia Commodities, Traders, U.S, Nirmal, Commodities Locations: Mumbai, U.S

☆ Gold near two-month peak as anticipation builds for June U.S. rate cut
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices lingered close to a two-month high on Monday, after softer U.S. economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve. U.S. gold futures fell 0.3% to $2,090.00. Traders have raised their hopes for a June rate cut, and are now seeing a 74% chance, compared with about 65% chance last Monday, according to LSEG's interest rate probability app. Lower interest rates boost the appeal of non-yielding bullion.

Persons: Edward Meir, Meir Organizations: Co, Federal Reserve, U.S, Traders Locations: Bangkok, Thailand, U.S, South Africa

☆ Russia says relations with U.S. at an all-time low
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 20 (Reuters) - Russia said on Friday that relations with the United States were at an all-time low, dismissing the idea the two sides could turn things around halfway through U.S. President Joe Biden's term in office. "Bilateral relations are probably at their lowest point historically, unfortunately," Kremlin spokesman Dmitry Peskov told reporters. Already poor U.S.-Russia ties became even more strained last year when Russia invaded Ukraine, prompting Washington and its allies to respond with a barrage of sanctions against Russia's economy. The United States has also provided Kyiv with substantial economic and military support, drawing condemnation from Russian officials who have accused Washington of playing a direct role in the conflict. "The past two years have been, despite initial timid hopes related to Geneva ... very bad for bilateral relations," Peskov said.

☆ INDIA RUPEE Rupee seen lower as growth fears hit risk sentiment
▼ + stars: | 2023-01-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 19 (Reuters) - The Indian rupee is likely to weaken at open against the U.S. dollar on Thursday as mounting global growth concerns prompted investors to exit risk assets. The rupee is tipped at around 81.45 to the dollar in early trading against the dollar, compared with the 81.24 close in the previous session. The S&P 500 index fell the most in over a month overnight as weak U.S. retail sales data fuelled worries on the growth front. Retail sales fell more than expected in December, putting consumer spending and the overall economy on a weaker growth path heading into 2023. Further, the decline in retail sales in November was revised to show an even weaker reading.

ETMeta up on J.P. Morgan rating upgradeDigital World Acquisition down on CFO exitFutures down: Dow 1.16%, S&P 1.05%, Nasdaq 0.60%Dec 16 (Reuters) - Wall Street's main stock indexes were set to extend losses on Friday as fears of a looming recession, sparked by the Federal Reserve's relentless battle against inflation, hammered sentiment. The Bank of England and the European Central Bank were the latest ones to indicate an extended rate-hike cycle on Thursday. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. ET, Dow e-minis were down 384 points, or 1.16%, S&P 500 e-minis were down 41.25 points, or 1.05%, and Nasdaq 100 e-minis were down 68.5 points, or 0.6%. Reporting by Shubham Batra, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

China remains integral in the success or failure of U.S. corn, soy and other agricultural exports, and corn is currently carrying the biggest burden of proof. Although recent U.S. soy sales to China have weakened, the top buyer has been propping up the numbers by comparison. CORN AND OTHER GRAINAt just 14.1 million tonnes, U.S. corn sales as of Oct. 20 are dismal compared with recent years and expectations. Chinese purchases of 3.6 million tonnes are down from 11.9 million and 10.6 million tonnes by the same date in 2021 and 2020, respectively. Export sales as of Oct. 20 totaled 11.8 million tonnes, the lowest in more than 20 years.

The European common currency rose as high as$1.0048, the highest since Sept. 20, and was last up 0.5% at $1.0019. At 10:35 a.m. EDT (1435 GMT), the dollar was down 0.595% at 110.28 against a basket of six peer currencies. Fed officials have begun sounding out their desire to slow the pace of increases soon, according to a Wall Street Journal report on Friday that caused markets to reprice. The aggressive pace of Fed tightening this year, aimed at taming stubbornly high inflation, has turbo-charged the dollar. The dollar slumped more than 1.3% against China's offshore yuan , while the onshore yuan finished the domestic trading session at 7.1825 per dollar, the strongest close since Oct. 12.

Markets are anticipating a potential slowdown in the pace of Fed hiking," said Lee Hardman a currency analyst at MUFG. The aggressive pace of Fed tightening has sent the dollar higher. Traders and economists predict another 75 basis point increase next Wednesday, but there is a growing view that it will slow to half a point in December. The benchmark 10-year U.S. Treasury yield continued its descent from last week's multi-year high of 4.338%, and was last down seven basis points at 4.038%. That would be the second consecutive reduction in the size of rate rises after a 100 basis point move in July and 75 basis points last month.

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