Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic. Brent crude was up 22 cents, or 0.6%, at $39.79, by 0003 GMT, the highest since March 6, having gained 3.3% on Tuesday. U.S. West Texas Intermediate crude (WTI) gained 33 cents, or 0.9%, at $37.14, also the highest since March 6. The contract ended the previous session up 3.9%. Both benchmarks have risen sharply in recent weeks from the lows of April, buoyed by a continuing recovery in China, the epicenter of the virus...

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Oil prices fell in early trade on Thursday after U.S. crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russias commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting...

Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to Chinas proposed security law in Hong Kong and as some traders doubted Russias commitment to deep production cuts. Brent crude fell $1.38, or 3.8%, to $34.79 a barrel, while West Texas Intermediate crude settled $1.54, or 4.48%, lower at $32.81 per barrel. Meanwhile, tensions...

Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China. The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice...

Gold lost ground Wednesday, sliding below the psychologically important $1,700-an-ounce level as an ongoing stock-market rally in response to easing COVID-19 lockdowns robbed the yellow metal of its haven appeal. Gold for June delivery on Comex dropped $12.60, or 0.7%, to $1,693 an ounce, while July silver was off 13 cents, or 0.7% at $17.465 an ounce. A dip below $1,700 could turn into a...

The euro headed towards a two-month high on Wednesday after the European Commission proposed a coronavirus economic recovery package worth in total 1.85 trillion euros ($2.04 trillion). The euro has struggled since falling in March, when investors rushed for the safety of dollars. But analysts say the recovery fund proposals, if they can win over EU members sceptical of an earlier Franco-German...

Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong. A potential deterioration in relations between the world's two biggest economies could ratchet up the pressure on global businesses and oil demand already weakened by the coronavirus pandemic. Brent crude fell 47 cents, or 1.3%, to $35.70 a...

Gold eased to a two-week low on Wednesday on optimism about the reopening of the world economy, though rising Sino-U.S. tensions over Beijing's proposed security law for Hong Kong capped losses. Spot gold was down 0.2% to $1,707.85 per ounce by 07:42 GMT, after hitting its lowest level since May 13 at $1,703 earlier in the session. U.S. gold futures were down 0.5% to $1,697.60. Elsewhere,...

The U.S. dollar edged higher on Wednesday and China's yuan hit a near nine-month low as worries about the U.S. response to Chinas proposed security law for Hong Kong injected a more cautious tone into foreign exchange markets. The U.S. currency had fallen sharply on Tuesday as strong risk appetite encouraged investors into riskier currencies, but that sentiment was much less buoyant in early...

PRECIOUS METALS
Gold Eases as Equity Rally Boosts Risk Appetite
Wednesday, 3 June 2020 09:36 WIB Gold prices dipped on Wednesday as equity markets rallied on economic optimism and hopes for further stimulus measures boosted risk-on...
ENERGY
Oil Hits Three-Month High Over Hopes For Output Cuts
Wednesday, 3 June 2020 09:46 WIB Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the...
CURRENCIES
Dollar Falls as Focus Shifts to Recovery Prospects
Wednesday, 3 June 2020 08:47 WIB The dollar fell against most Asian currencies on Wednesday as prospects of more government stimulus and a global economic recovery emboldened...

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