Oil prices slide as Trump cancels aid talks, U.S. crude stocks expand

 

Oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks.

 
U.S. West Texas Intermediate (WTI) crude (CLc1) oil futures fell 87 cents, or 2.1%, to $39.80 a barrel by 0104 GMT while Brent crude (LCOc1) futures fell by 74 cents, or 1.7%, to $41.91 a barrel.
 
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Dollar Loses Gains as Trump's Twitter Barrage Creates Volatility

 

The dollar handed back early gains in European trade Wednesday, as President Donald Trump’s twitter barrage created volatility.

 
At 3:15 AM ET (0715 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.737, while USD/JPY rose 0.1% to 105.78.
 
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Gold edges up as weaker dollar offsets news on Trump’s progress
 
Gold inched up on Monday as the dollar weakened, although gains were limited as news that U.S.
President Donald Trump, receiving treatment for COVID-19, could be released from hospital boosted risk sentiment.
 
Spot gold was up 0.1% at $1,900.46 per ounce. U.S. gold futures were down 0.2% at $1,904.50.
 
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Oil prices rebound 2% as Trump doctors raise prospect of hospital discharge
 
Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.
 
Trump's health update eased political uncertainty in global markets, pushing Brent (LCOc1) up to $40.11 a barrel by 0503 GMT, gaining 84 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude (CLc1) was at $37.96 a barrel, up 91 cents, or 2.5%.
 
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Dollar Weakens as Risk Sentiment Rises With Trump's Recovery

 

The dollar traded lower in early European trade Monday, as positive news about U.S. President Donald Trump’s health resulted in traders seeking out more risk to the detriment of the safe haven currencies.

 
At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 93.860, while USD/JPY rose 0.2% to 105.58, rebounding after posting a one-week low of 104.95 on Friday.
 
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Gold Back at $1,900, Extending Q3 Run, on U.S. Stimulus Hopes
 
Gold settled above $1,900 an ounce Thursday, returning to the comfort zone of bulls in the yellow metal, as hopes rose again that Congress might approve a Covid-19 stimulus after all before the November U.S. election.
 
“Gold is about to revert back to its traditional safe-haven role and could continue to rally despite disappointment in progress over a fiscal-stimulus deal,” said Ed Moya, analyst at New York’s OANDA.
 
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Oil down more than 3% after Trump's positive coronavirus test
 
Oil prices lost more than 3% on Friday after U.S. President Donald Trump tested positive for COVID-19 and negotiators failed to agree a U.S. stimulus package just as rising global oil output threatens to overwhelm a weak price recovery.
 
Brent crude slipped on the Trump news and was down $1.50, or 3.7%, at $39.43 a barrel by 1225 GMT. U.S. oil was down $1.41, or 3.6%, at $37.31.
 
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Dollar and Yen Strengthen; Risk Appetite Hit by Trump Covid News

 

The dollar pushed higher in early European trade Friday, along with the Japanese yen, as U.S. President Donald Trump testing positive for the Covid-19 virus hit risk sentiment, resulted in demand for safe haven currencies.

 
At 2:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.797, while USD/JPY fell 0.4% to 105.11, its lowest level this week.
 
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Gold Down Over Weak Dollar, U.S. Stimulus Optimism

Gold was down on Wednesday morning over a strengthening dollar and cautious optimism over the latest U.S. stimulus measures.

 
Gold Futures were down 0.33% at $1,897 by 1:21 AM ET (5:21 AM GMT), reversing the 1-week high seen on Tuesday. The dollar inched up and stocks, which usually move inversely to the yellow metal, were mostly up during Wednesday’s Asian trade.
 
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U.S. Crude Stocks Dip; Focus Still on Covid

U.S. crude stockpiles fell by 2 million barrels last week, defying trade expectations for a build, data released by the Energy Information Administration showed Wednesday.

 
Analysts tracked by Investing.com had expected a build of 1.57 million barrels. Eight of the previous nine weeks had seen drawdowns in inventories.
 
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