Breaking News

Oil rebounds handily on hopes of production-freeze

News Date: 8/4/2016 02:53:17
Crude prices recovered some ground before the weekend as investors hope a meeting to be held this month in Qatar between major producers will result in a deal to freeze global production volumes at the January levels, which would help ease the global supply glut currently at play and buoy prices.

Brent crude futures hovered around $40 a barrel, up over half a dollar, or 1.37%, while U.S. West Texas Intermediate (WTI) crude futures added 70 cents, or nearly two percent to trade at $38.00 a barrel.

The dollar staged a small recovery as well after wide losses in the recent period, with its index up 0.10% at 94.59, while the yen fell on profit-taking after hitting a 17-month peak yesterday, last trading at 108.74, down 0.47% on the day. Euro edged down 0.10% versus the greenback to trade at 1.1370.

Gold prices recorded small losses on short-covering as well, with the futures last trading at $1,236 an ounce, while silver futures expanded their gains, adding two cents, or 0.15% to hover around $15.21 an ounce. Copper inched up 0.07% to $2.078 a pound.

Investors wait for an array of data later, with Britain's manufacturing production expected to have fallen 0.2% m/m in February, compared to January's growth, which would be negative for the British economy and the pound.

From Canada, the employment change is expected to rise by ten thousand jobs in March, compared to February's 2.3K fall, which would be positive for the loonie.

Latest news

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

More News