Oil fee fumbles on world monetary worries, US$ strength

Oil expenses slipped on Tuesday, falling from two-month highs as concerns over a international monetary slowdown crept back into the market, and a more advantageous greenback additionally weighed.

Prices sagged after a survey confirmed euro sector business enlargement nearly stalled in January. That, coupled with disappointing U.S. factory orders records a day earlier, stoked concerns about softer demand, analysts said.

Brent crude futures fell fifty three cents to settle at $61.98 a barrel. They touched their highest level in more than two months at $63.63 the preceding day. U.S. Crude Oil futures dropped 90 cents to settle at $53.66 a barrel, or down 1.7 percent.

Futures held lower after the close, when the American Petroleum Institute stated U.S. crude shares rose by means of 2.5 million barrels remaining week, greater than analyst expectations.

Oil also felt stress from a strengthening dollar, which rallied for a fourth straight session, which makes crude greater steeply-priced for non-U.S. Buyers.

"It truely regarded to be a dollar influence right here today," stated John Kilduff, a associate at Again Capital Management. "It was fascinating that we didn't trap a bid alongside with the inventory market due to the fact that had been the correlation."

Investors had been shifting assets into equities and away from markets greater sensitive to Washington-Beijing alternate relations and actions in the dollar, said Phillip Streible, senior commodities strategist at RJO Futures.

"Oil is just no longer in favour today, and they are going after the fairness markets," he said. Wall Street was once slightly greater on Tuesday.

U.S. sanctions on Venezuela have been considered as supportive of expenses by means of helping tighten international supplies. Numerous tankers are presently in the water off the Venezuelan coast, unable to pass due to the fact state-owned PDVSA is stressful payment, which would run afoul of U.S. Sanctions.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to manufacturing cuts nice from remaining month to beat returned furnish growth. A Reuters survey determined that furnish from OPEC states had fallen the most in two years.

Concerns about the pace of world monetary growth had been fanned by a weak begin for the yr for euro sector businesses. A Tuesday survey confirmed demand declined for the first in over 4 years.

New orders for U.S.-made goods fell in November, according to facts launched a day earlier. 

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INTERNATIONAL COMEX NEWS

• The United States is getting "very, very close" to having to move forward on its trade deal with Mexico without Canada, White House economic adviser Kevin Hassett said on Friday. There is just over a week to go before a U.S.-imposed Oct. 1 deadline to publish the text of a deal to update the North American Free Trade Agreement, and the United States and Canada have still not agreed on terms, Hassett told Fox News Channel.
• WTI crude oil prices settled higher Friday, as traders cheered signs of tightening U.S. output, though sentiment was soured by a report suggesting major oil producers were ready to discuss plans to ramp up output. On the New York Mercantile Exchange, crude futures for October delivery rose 46 cents to settle at $70.78 a barrel, while on London's Intercontinental Exchange, Brent gained 0.09% to trade at $78.77 a barrel.
• Metal prices were in rally mode Friday as copper hit 12-week highs, shrugging off a strong dollar on easing trade war fears, though analysts warned downside momentum could resume. The United States and China, earlier this week, announced tariffs at a lower rate than many had feared, helping lift sentiment on trade, easing fears escalating trade tensions would dent China's appetite for metals.

ECONOMY NEWS

• China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources. The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu's visit, but the trip has now been abandoned. Earlier this week, China added $60 billion of U.S. products to its import tariff list as it retaliated against U.S. duties on $200 billion of Chinese goods set to go into effect from Sept. 24.
• U.S. Treasury official Adam Lerrick has been tapped by the Trump administration to serve as the country's acting executive director at the International Monetary Fund, the Financial Times reported on Friday, citing a source. Lerrick, who is a counselor for international affairs, will be temporarily appointed U.S. executive director at the IMF while the administration awaits the Senate confirmation of investment banker Mark Rosen to the role, the report said.
• Newly appointed Zimbabwean Finance Minister Mthuli Ncube would like to employ a "big bang" economic reform program to the battered economy where unemployment is running above 80 percent, but recognizes politics will limit the speed for change. "My preference is a fiscal shock, but there is a what you call the political collar or the politics of policy making which then slows you down. My preference would be more of a big bang approach because every day counts in terms of cost," Ncube, a former banker, said in a briefing with journalists on the sidelines of an investor conference in New York on Friday.

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GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold prices were driven lower on Tuesday as the U.S. dollar rallied amid Sino-U.S. trade tensions. Comex gold futures for December delivery fell 0.23% to $1,197.10 a troy ounce as of 10:25 AM ET (14:25 GMT). U.S. President Donald Trump threatened on Friday to impose tariffs on almost all Chinese imports, or about $467 billion in goods. Meanwhile, China is planning to ask the WTO for permission to impose sanctions on the U.S., according to a WTO meeting agenda.
• Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output. Benchmark Brent crude oil (LCOc1) was up 40 cents at $77.77 a barrel by 0950 GMT. U.S. light crude (CLc1) was up 5 cents at $67.59. "The path of least resistance for oil prices, given the supply fundamentals, remains up," Harry Tchilinguirian, oil strategist at BNP Paribas (PA:BNPP), told Reuters Global Oil Forum.
• "Push the steel mills out of the city center and turn it into a modern, habitable place to live in," reads a banner hung across the boarded-up offices of Guofeng Iron and Steel Co in the center of Tangshan, China's top steelmaking city. Behind the gates of the factory, surrounded by a hospital, a shopping mall and high-rise apartment blocks, workers and bulldozers were busy on a recent visit tearing down furnaces as part of a 38 billion yuan ($5.5 billion) plan to move to a new industrial park 60 kilometers (37 miles) away.

ECONOMY NEWS

• The wrong Brexit deal could cost tens of thousands of jobs, the boss of Britain's biggest carmaker Jaguar Land Rover warned on Tuesday, saying he had no idea whether his plants would be able to operate after Britain leaves the European Union next year. Ralf Speth also said that the company would not be able to build cars if customs checks meant that the motorway to and from the southern English port of Dover, which is used to transport components, becomes a "car park" due to snarl-ups.
• It is an image that became a symbol of the global financial crisis -- about 20 bankers, their backs turned to the window, attending an emergency meeting at the London office of Lehman Brothers as the firm slid toward collapse. Gwion Moore, one of those pictured in the Reuters photograph taken on Sept. 11, 2008, recalled how the growing sense of panic in financial markets contrasted with the mood inside the building at the time. "
• A whistleblower fighting extradition to Switzerland for leaking details of thousands of clients of HSBC's (L:HSBA) private bank there said on Tuesday his actions had played a key role in helping other European countries uncover tax frauds. Spain's High Court is considering Switzerland's second extradition request against Herve Falciani, a French citizen who worked for HSBC, over alleged industrial sabotage in 2008.

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GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold prices rose on Wednesday morning in Asia, driven by the ongoing currency crisis in Argentina, which economists expect could lead to a recession, a weaker peso and higher inflation. Gold futures for December delivery went up 0.06% to $1,199.7 at 10:47PM ET (02:47 GMT) on the Comex division of the New York Mercantile Exchange. A monthly survey by Bloomberg on Tuesday showed that Argentina’s inflation is expected to hit 40.3% at the end of the year, higher than the 31.8% forecasted in July.
• Oil fell toward $77 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened and moved away from oil-producing areas, easing supply concerns. Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers.
• U.S. oil producer ConocoPhillips (N:COP) is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country's state-run PDVSA, Chief Executive Ryan Lance said on Wednesday. Conoco last month suspended legal attachments efforts that had cut Venezuela's oil exports from several Caribbean facilities following a deal that allowed the country 90 days to make an initial $500 million payment.

ECONOMY NEWS

• Argentina's peso lost nearly 1 percent against the U.S. dollar early on Wednesday as government officials met with the International Monetary Fund in Washington to try to secure early cash disbursements under an emergency financing deal. The peso opened down 0.89 percent at 39.4 to the dollar despite Economy Minister Nicolas Dujovne saying in Washington on Tuesday evening that he hoped to clinch a deal with the IMF within a month.
• Italy is unlikely to get one of its own appointed as the next head of Europe's banking watchdog, sources say, diminishing Rome's chances of retaining its influence over the European Central Bank once ECB chief Mario Draghi steps down next year. The ECB is looking to replace Daniele Nouy, a French national, as the head of the Single Supervisory Mechanism (SSM) -- the first of four top jobs at the central bank coming up for grabs in the next 15 months.
• The U.S. Federal Reserve should hold off on further interest rate rises because the stance of monetary policy is already at neutral or possibly restrictive, St. Louis Federal Reserve Bank President James Bullard said on Wednesday. Bullard has repeatedly raised the alarm over the central bank's plan to keep raising its benchmark lending rate and pointed to financial market signals as the best indicator of how policymakers should proceed.
  

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Comex trading signals In Malaysia | Gold Trading Forecast Today

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

• Gold prices gained on Friday as reports that U.S. President Donald Trump was considering plans to impose tariffs on $200 billion in Chinese imports as soon as next week weighed on market sentiment. Gold futures for December delivery was at a trading price of $1,211.5 per troy ounce, up by 0.6%, at 1:10AM ET (05:10 GMT) on the Comex division of the New York Mercantile Exchange. The precious metal remained on track to record their longest monthly losing streak since 2013 despite today’s gains.
• Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses. Benchmark Brent crude oil (LCOc1) was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude (CLc1) was 30 cents lower at $69.95.
• OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase. The 15- member Organization of the Petroleum Exporting Countries has pumped 32.79 million barrels per day in August, the survey on Friday found, up 220,000 bpd from July's revised level and the highest this year.

ECONOMY NEWS

• The Russian central bank will need to postpone a plan to cut rates due to new U.S. sanctions against Moscow seen taking toll on inflation and the rouble, a monthly Reuters poll of 20 analysts and economists showed on Friday. Russia's economic outlook deteriorated after the rouble hit more than two-year lows against the dollar in August following Washington's move to apply fresh sanctions against Moscow and a warning that it could extend them in the future.
• The Brazilian economy accelerated slightly in the second quarter despite a nationwide truckers' strike, as a slow and uneven recovery rumbled on ahead of presidential elections in October. Brazil's gross domestic product (GDP) grew 0.2 percent from the first quarter and 1.0 percent from a year before, government statistics agency IBGE said on Friday. That compares with economists' consensus forecasts of 0.1 percent and 1.1 percent, respectively.
• The European Commission confirmed on Friday that trade measures restricting the sale of solar panels from China would end at the start of next week. The Commission, which coordinates EU trade policy, said in a statement that the measures would expire at midnight on Monday September 3. The European Union first imposed anti-dumping and anti -subsidy measures for Chinese solar panels, wafers and cells in 2013 and extended them in March 2017 by 18 months, signaling that they should then end.

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