Crude Oil Falls to 3-Month Low as Demand Fears Grow
Crude oil prices fell to three-month lows in early trading on Friday in New York, spooked by signs of a growing imbalance between supply and demand as the world economy struggles to return to pre-pandemic levels of activity.
By 9:10 AM ET (1310 GMT), U.S. crude futures were down 1.3% at $36.81 a barrel, on course for a loss of over 7% for the week. It’ll be the first time since the depths of the pandemic’s first wave in March that prices have fallen for two weeks in a row.
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Dollar Weakens Against Euro After ECB; Sterling in Focus
The dollar slipped in early European trade Friday, with the euro showing strength as traders took heart from Thursday’s European Central Bank meeting. Sterling rebounded after a robust bounce in activity in July, but further losses look likely.
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 93.285, with EUR/USD up 0.2% at 1.1831.
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Gold on track to tally back-to-back gains as euro strength weakens U.S. dollar


Gold futures shook off early losses Wednesday to move higher for a second session in a row, finding support as the strength in the euro pressured the U.S. dollar, boosting the dollar-denominated metal’s appeal.
The move for gold came even as benchmark U.S stock indexes staged a recovery from a technology-inspired downturn that took the broader market to their lowest levels in weeks and the Nasdaq Composite COMP, 3.09% into correction territory.
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Oil Rebound Runs Into Trouble on Global Demand Fears
Crude oil prices rebounded unconvincingly on Wednesday, after being hammered on Tuesday by concerns about the weakening of global demand.
By 9:15 AM ET (1315 GMT), U.S. crude futures were up 0.8% at $37.05 a barrel, while the international benchmark Brent was up 0.2% at $39.84, struggling to defend the key psychological support level of $40.
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Dollar Gains From Tech Stocks Turmoil; Sterling Weakens
The dollar gained in early European trade Wednesday, with the sharp selloff in U.S. equity markets prompting traders to ditch riskier currencies in favor of the world's reserve currency.
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.562. The index has risen just short of 1% over the last week, climbing from the more than two-year lows it touched earlier in the month.
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Gold Up Over Weak U.S. Jobs Data, Mixed Chinese Trade Data
Gold was up on Monday morning in Asia, with investors turning to the safe-haven asset. Weak economic data from the U.S. released during the previous week raised concerns about the global economic recovery from COVID-19.
Gold futures inched up 0.10% at $1,936.30 by 2:01 AM P ET (7:01 AM GMT).
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Oil falls after Saudi cuts prices, China slows imports
Oil prices fell on Monday as Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and uncertainty over Chinese demand clouds the market's recovery.
Brent crude (LCOc1) was trading at $41.91 a barrel, down 75 cents or 1.8%, by 1350 GMT, after earlier sliding to $41.51, its lowest since July 30.
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Dollar Gains in Holiday-Thinned Trade; Sterling Hit by Brexit Woes
The dollar traded higher in early European trade Monday, while the euro was weakened by disappointing German industrial production data and sterling was weighed on by the revived risk of a messy end to the Brexit transition period at the end of the year.
At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.3% at 92.957. Trade is likely to be thinned due to the U.S. Labor Day holiday.
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Gold prices retreat as stocks rise, U.S. dollar stages rebound
Gold futures headed lower Wednesday as global stocks rose and the U.S. dollar recovered from a two-year low a day earlier, creating some headwinds for bullion values.
The ICE U.S. Dollar Index, a gauge of the buck against a half-dozen currencies, was up 0.5% at 92.771, with that index elevated by weakness in the euro EURUSD, -0.58%
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Oil Prices Jump On Major Hurricane-Driven Crude Draw
Crude oil prices rebounded on Wednesday morning after the Energy Information Administration reported a crude oil inventory draw of 9.4 million barrels for the week to August 30.
This compares with an inventory decline of 4.7 million barrels reported for the previous week, and a 6.36-million-barrel draw reported by the American Petroleum Institute yesterday. Analysts had expected a relatively modest inventory draw of 1.95 million barrels for the week to August 30.
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