Oil slips as demand concerns rise, Libya output looms
Oil prices slipped on Monday amid concerns about a stalled global economic recovery and falling fuel demand, as Libya signalled it would end its months-long blockade and resume output, adding yet more supply to the market.
Brent crude (LCOc1) was down 33 cents, or 0.8%, at $39.50 a barrel while U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 34 cents, or 0.9%, at $36.99 a barrel by 0955 GMT.
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Dollar Down, But Focus is on Pound’s Brexit Woes and Japan’s PM Vote
The dollar was down on Monday morning in Asia, but the focus centered on the British pound and Japanese yen.
The pound rallied from its fall during the previous session over increasing fears of a hard Brexit. In Japan, the ruling party will vote in a new leader later in the day, with the winner widely expected to replace incumbent Prime Minister Shinzo Abe.
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Gold pulls back, but heads for weekly gain
Gold futures fell on Friday, but headed for weekly gain in the wake of turbulent patch of trading for global equities.
“The precious metal remains supported by low-to-negative government bond yields, rising coronavirus cases in the United States and a tired U.S. dollar,” said Lukman Otunuga, senior research analyst at FXTM. “On top of this, the Federal Reserve’s policy shift to let inflation rip may provide gold with a tailwind as interest rates remain lower for an extended period.”
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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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