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Oil prices hover near two-month lows on supply glut concerns

News Date: 22/7/2016 04:54:32
Oil prices widened their losses on Friday ahead of the weekend on after data showed record rises for U.S. gasoline inventories and other oil products, even as earlier data showed a drop in crude stocks, which shows persistently high supply levels in face of waning demand.

Brent crude futures fell ten cents, or 0.24% to trade at $46.09 a barrel, near a two-month trough at $45.84, while U.S. crude futures retreated 26 cents, or 0.60% to trade at $44.48 a barrel.

Other commodities suffered losses as well, with gold futures down over seven dollars, or 0.54% to $1,323 an ounce, while silver prices shed nearly eleven cents, or 0.55% to hover around $19.71 an ounce. Copper futures fell 0.11% to trade at $2.256 a pound.

Japan's Nikkei index tumbled 1.09% as the yen surged against the dollar earlier, before giving up the gains and dropping 0.30% against the greenback to 106.16, while sterling headed south as well by 0.45% to 1.3173.

Investors await a bunch of important data later, with Canadian core CPI expected to be flat in June, compared to a 0.3% rise in May, which would be a disappointment for long traders on the loonie.

From the U.S., flash manufacturing PMI for the current month is forecast to edge up to 51.9 from June's 51.3, which would be positive for the greenback.

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