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Oil Up Over Shrinking U.S. Crude Oil Supplies Despite Nagging Fuel Demand Worries By Investing.com

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© Reuters.

Oil Up Over Shrinking U.S. Crude Oil Supplies

By Gina Lee

Investing.com – Oil was X on Thursday morning in Asia, holding onto earlier gains over a larger-than-expected draw in U.S. crude oil supply as well as news that Organization of the Petroleum Exporting Countries (OPEC) members were fully compliant with their pledged output curbs in September.

edged up 0.16% to $43.39by 11:42 PM ET (3:42 AM GMT) and edged up 0.17% to $41.11. Both Brent and WTI futures remained above the $40 mark, climbing for a third day despite resurging number of COVID-19 cases in Europe and the U.S. increasing fuel demand worries. France is the latest country to impose curfews as the

“The energy markets are certainly marching to their own drummer at the moment,” CMC Markets and Stockbroking chief market strategist Michael McCarthy told Reuters, adding that recent volatility may have attracted more trader positions.

On the supply side, the American Petroleum Institute (API) reported a in crude oil supply for the week ending Oct. 9 on Wednesday. The draw was much larger than the 2.3 million-barrel draw predicted in forecasts prepared by Investing.com, as well as the 951,000-barrel build reported during the previous week.

In the same report, API also reported draws in U.S. and inventories that were nearly double investors’ expectations. Investors are looking to , due later in the day. Both API and EIA data were delayed by a day due to Monday’s holiday in the U.S.

The black liquid was also boosted by OPEC+ teasing an alleged 102% compliance to agreed production curbs in September ahead of the body’s joint technical committee meeting later in the day. The joint ministerial monitoring committee is due to meet a few days later, on Oct. 18.

In Asia, an ANZ Research note pointed to a sharp increase in Chinese crude oil imports and purchases by Indian refiners in September ahead of big festivals in both countries lending support to the market.

“The outlook in Asia could be the reason OPEC+ alliance remains confident the market can withstand another 2 million barrels per day in the market,” the note added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Commodities

Gold Holds Its Ground as Traders Weigh Stimulus, Equity Selloff By Bloomberg

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© Reuters. Gold Holds Its Ground as Traders Weigh Stimulus, Equity Selloff

(Bloomberg) — Gold steadied to trade near $1,900 an ounce as investors weighed fading prospects for fiscal aid before next week’s U.S. presidential election and losses in equities.

Bullion held in a narrow range even as the dollar rose on Monday after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again failed to close major differences on a fresh package for a U.S. economy facing a renewed surge in Covid-19 cases. The lack of a deal and concern over rising infections saw the S&P 500 Index log its biggest drop in a month.

was little changed at $1,903.21 an ounce at 8:07 a.m. in Singapore. Silver rose 0.1%, platinum climbed 0.3% and palladium was steady. The Bloomberg Dollar Spot Index was flat.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Gold Up, Boosted By U.S. Jitters and Weak Dollar By Investing.com

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© Reuters.

By Gina Lee

Investing.com – Gold was up on Tuesday morning, boosted by a weak dollar and concern over the potential economic impact from the ever-rising number of COVID-19 cases.

There are over 43.4 million COVID-19 cases globally as of Oct. 27, according to Johns Hopkins University data.

were up 0.24% at $1,910.30 by 12:58 AM ET (4:58 AM GMT), staying above the $1,900 mark. The was down on Tuesday morning.

The U.S., Russia and France saw record numbers of daily COVID-19 cases, with restrictive measures re-introduced in some European countries. The worries over the potential economic impact of the measures dampened sentiment and drove investors to the safe-haven yellow metal.

In the U.S., talks over the latest stimulus measures seemed to have come to a halt, with White House economic adviser Larry Kudlow on Monday saying talks have slowed. However, House of Representatives Nancy Pelosi remained optimistic that a consensus with Senate Republicans could be reached on the measures before the presidential election, now only a week away.

On the data side, the U.S. reported fall in September’s new single-family homes sales, after four consecutive months of increases. However, the housing market continues to be supported by low mortgage rates and increased demand for home-office space due to COVID-19. Further data, including third quarter GDP, is due to be released later in the day.

Across the Atlantic, the U.K. and the European Union (EU) are working against the clock to bridge gaps and seal a Brexit trade deal. EU chief negotiator will head to London to resume negotiations.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Oil Up, But Oversupply Fears Cap Gains By Investing.com

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© Reuters.

By Adam Claringbull

Investing.com – Oil was up on Tuesday morning in Asia after Monday’s large falls. Surging coronavirus numbers globally are pushing demand expectations down.

rose 0.51% to $41.02 by 12:05 PM ET (4:05 AM GMT) and were up 0.44% to $38.73.

Oil pulled up from its downward trajectory in Asian trade this morning, with a record-breaking 11th hurricane on its way into the Gulf of Mexico. Hurricane Zeta is due to make U.S. landfall on Wednesday, with U.S. rigs and refineries shutting down in preparation for it its arrival.

However, the global surge in COVID-19 cases, especially in Europe and the U.S., has dampened investor enthusiasm for oil, with few signs of an economic recovery any time soon. The U.S. is particularly hard hit, especially in the Sunbelt and Midwest regions.

Lowered demand expectations are not the only factor hampering the market, Libya has returned from its embargo much more rapidly than expected, with the nation now producing close to 1 million barrels per day (bpd), up from less than 100,000 bpd in July.

Further negative sentiment is being raised by the lack of the U.S. government’s ability to decide on and pass a coronavirus stimulus package, with only a very small likelihood of relief measures being passed before the country’s Nov. 3 elections. U.S. House of Representatives Speaker Nancy Pelosi said that she was hopeful a deal could be reached with the White House before that date, but it is unlikely that the U.S. Senate will also agree.

Director of energy futures at Mizuho Securities, Bob Yawger, told Reuters: “The market is under pressure from a toxic brew of no stimulus, rapidly increasing coronavirus cases, and the surprise increase of oil production in Libya.”

The Organization of the Petroleum Exporting Countries (OPEC), has been planning to ease previously agreed production cuts, however, this is looking increasingly unlikely in the present climate, with OPEC Secretary General Mohammad Barkindo saying on Monday: ““We have no illusions, this recovery will take a long time,” at the virtual 2020 India Energy Intelligence Forum.

Investors await crude oil supply data from the , due later in the day.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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