Oil prices rose Thursday, highlighting fresh signs of pressure on Saudi Arabian output after weekend attacks on one of the kingdom's largest oil facilities. Brent crude, the global gauge of prices, rose 1.3% to end the day at $64.40 a barrel. Both Brent and U.S. crude prices climbed earlier in the day after The Wall Street Journal reported that Saudi Arabia is reaching out to foreign producers to import crude and other petroleum products.
Gold prices reversed gains in aftermarket trading Wednesday, after the Federal Reserve cut interest rates but signaled that officials were divided on how much to ease policy in coming months. Gold for December delivery was down 0.8% at $1500.80 a troy ounce in late afternoon electronic trading in New York. Prices had closed up 0.2% at $1,515.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices rose Wednesday, as investors geared up for the Federal Reserve to announce a rate cut at the end of its monetary policy meeting this afternoon. Gold for December delivery was recently up 0.2% at $1,516.20 a troy ounce on the Comex division of the New York Mercantile Exchange. Most investors believe the Federal Reserve will reduce its short-term benchmark rate by one quarter percentage point to a range between 1.75% and 2% at the conclusion of its two-day meeting.
Copper prices are sliding this week after downbeat Chinese economic data raised new fears that the world's second- largest economy is slowing more quickly than expected. The industrial metal has fallen more than 2.5% in the first two sessions of the week, a sign that some investors are still uneasy about the U.S.-China trade war despite hopes for coming talks. The most-active copper futures contract for December delivery fell 0.5% to $2.6270 a pound Tuesday.
Oil prices fell for the fourth consecutive session Friday to bring their drop for the week to 3%, illustrating how fears of excess supply continue to keep crude prices down even as hopes for upcoming trade talks boost the outlook for the global economy. U.S. crude futures inched down 0.4% to $54.85 a barrel Friday, paring an earlier advance even as other risky assets got a boost from trade hopes. Brent crude, the global price benchmark, slipped 0.3% to $60.22 a barrel Friday and also...
Oil prices were on track for a roughly 2% weekly drop Friday, illustrating how fears of excess supply continue to keep crude prices down even as hopes for coming trade talks boost the outlook for the global economy. U.S. crude futures inched up 0.4% to $55.33 a barrel Friday, stabilizing following three consecutive declines but still heading for a down week as other risky investments rallied on trade hopes. Brent crude, the global price benchmark, added 0.2% to $60.49 a barrel Friday...
The price of gold rose Wednesday after President Trump renewed his call for lower interest rates, urging the Federal Reserve to cut borrowing costs below zero. Gold for September delivery closed up 0.3% at $1,494.40 a troy ounce on the Comex division of the New York Mercantile Exchange, snapping a four-day losing streak. Trump said on Twitter that the Fed should cut rates to "ZERO, or less."
Gold prices rose on Wednesday after President Trump renewed his call for lower interest rates, urging the Federal Reserve to cut borrowing costs below zero. Gold for December delivery was recently up 0.3% at $1,503 a troy ounce on the Comex division of the New York Mercantile Exchange. Trump on Twitter said the Fed should cut rates to "ZERO, or less."
Options bets are signaling the precious-metals resurgence has much further to go, with traders making wagers that gold may rally an additional 40% and silver almost another 80%. The most popular option on the SPDR Gold Trust exchange-traded fund, known as GLD, are tied to prices reaching jumping 27% to $180 a share, according to options data provider TradeAlert. Another popular option pays out if GLD reaches $200, or more than 40% higher than the current level.
Copper prices rallied Thursday, bringing their two-day climb to more than 4% on hopes that coming trade talks could relieve some pressure on the global economy. Copper for December delivery, the most-active futures contract, rose 1.5% to $2.633 a pound on the Comex division of the New York Mercantile Exchange, extending their rebound from a day earlier. After hitting a new multiyear low earlier in the week, the industrial metal critical to construction and manufacturing has...
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