Oil Hits $70 as Mideast Crisis Deepens Fear of Supply Disruption

Oil extended its dramatic surge above $70 a barrel as the fallout between the U.S. and Iran escalated after the assassination of one of the Islamic Republic’s most powerful generals.
Futures jumped by another 3% on Monday as the U.S. State Department warned of a “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia. Prices got a further boost as President Donald Trump reiterated threats of retaliation should Iran “do anything” and vowed heavy sanctions against Iraq if American troops are forced to leave the country.
 

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Gold Hits Highest Since 2013 as Goldman Backs Bullion in Crisis


Gold surged to the highest level in more than six years as fast-rising tensions in the Middle East stoked demand for haven assets, with Goldman Sachs Group Inc (NYSE:GS). saying that bullion offered a more effective hedge than oil to the crisis. Palladium extended gains to an all-time high.
Bullion neared $1,600 an ounce as Tehran said it would no longer abide by any limits on its enrichment of uranium following the killing of General Qassem Soleimani. In addition, President Donald Trump said he was prepared to strike Iran “in a disproportionate manner” if it retaliates against any U.S. target.
 

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Pound Falls as Brexit Risks Resurface

The British pound fell on Wednesday in Asia as Brexit risks blew up again.
The GBP/USD pair fell 0.2% to 1.3098 after falling more than 1% in the previous session.
Risks of a no-deal Brexit resurfaced again after reports in the U.K. said Prime Minister Boris Johnson will change the law to ensure that the transitional phase of relations between the U.K. and EU ends as scheduled on Dec. 31.

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Oil dips after U.S. stock build, but demand hopes support

Oil retreated on Wednesday after rising more than 1% in the previous session as U.S. industry data showed a surprise build in crude stocks, but hopes for firmer demand next year checked a deeper fall in prices.
A "phase one" U.S.-China trade deal announced last week has helped ward off some pressure from the oil market, dampened by worries over the economic impact of a prolonged dispute between the world's two biggest oil consumers.

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Yuan, U.S. Dollar Fall as Trade Deal Roller-coaster Ride Continues

The Chinese yuan and the U.S. dollar both fell on Monday in Asia as the trade deal roller-coaster ride continued.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.1% to 96.655 by 11:40 PM ET (03:40 GMT).
The USD/CNY pair gained 0.2% to 6.9979. In an interview with CBS News on Sunday, U.S. Trade Representative Robert Lighthizersaid the phase one U.S.-China trade deal is “totally done.”
 

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Gold Prices Unmoved by Re-Emergence of Brexit Risks

The Chinese yuan and the U.S. dollar both fell on Monday in Asia as the trade deal roller-coaster ride continued.
Gold prices were unmoved by the re-emergence of Brexit risks as stronger-than-expected U.S. data boosted risk appetite.
Gold Futures for February delivery on New York’s COMEX were unchanged at $1,480.85 per ounce by 12:45 AM ET (04:45 GMT). The yellow metal hit a one-week high at $1,484.85 early in the session.
 

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