crude oil futures news

crude oil futures news

March 17th, 2016

Crude oil prices extended strong gains from the prior session in European trade on Thursday, with the U.S. benchmark climbing to fresh three-month peaks amid growing hopes major oil producers will work together to cap output.

Crude oil for April delivery on the New York Mercantile Exchange jumped to a daily peak of $39.64 a barrel, the most since December 9, before falling back to $39.52 by 09:10GMT, or 5:10AM ET, up $1.09, or 2.83%.

A day earlier, New York-traded oil futures soared $2.12, or 5.83%, to close at $38.64, as bullish weekly supply data, an agreement by global oil producers to meet next month to discuss an output freeze and a broadly weaker U.S. dollar as a result of a surprisingly dovish Fed all contributed to strong gains.

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crude oil futures 101

crude oil futures 101

March 8th, 2016

Crude oil futures rose to fresh three-month highs in North American trade on Tuesday, reversing earlier losses as investors shifted their focus back towards ongoing talk of a potential output freeze by major producers.

On the ICE Futures Exchange in London, Brent oil for May delivery rose 34 cents, or 0.83%, to trade at $41.18 a barrel by 13:35GMT, or 8:35AM ET, after climbing to an intraday peak of $41.46, the most since December 9.

A day earlier, London-traded Brent futures soared $2.12, or 5.48%, as continued hopes major oil producers will discuss a potential output freeze lifted prices.

On Monday, South American producers said they would meet to talk about action to support prices. Ecuador’s Foreign Minister, Guillaume Long, said his government will host a meeting in Quito on Friday with Venezuela, Colombia, Ecuador and Mexico “to reach consensus over oil, especially prices.”

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gold futures news

gold futures news

March 4th, 2016

Gold rose in European morning hours on Friday, to trade near the previous session’s one-year peak as investors focused on the upcoming U.S. nonfarm payrolls report for new hints on the Federal Reserve’s next policy moves.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were up 0.25% at $1,260.90.

The April contract ended Thursday’s session 1.32% higher at $1,258.20 an ounce.

Futures were likely to find support at $1,238.00, Thursday’s low and resistance at $1,267.90, Thursday’s high and a one-year high.

Gold prices had strengthened after after a string of downbeat U.S. data on Thursday dampened optimism over the strength of the economy.

The Institute of Supply Management reported that its non-manufacturing purchasing manager’s index fell more-than-expected last month.

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gold futures blog

gold futures blog

March 1st, 2016

Gold futures rose in European trade on Tuesday, with prices re-approaching the highest level in a year amid mounting expectations for further stimulus measures from central banks in Asia and Europe.

Weak Chinese manufacturing activity data released earlier underlined concerns over the health of the world’s second largest economy and raised hopes of additional stimulus measures in the near-term to support growth.

The official China manufacturing purchasing managers’ index fell to a three-year low of 49.0 in February from 49.4 a month earlier, below expectations for 49.3. Meanwhile, the Caixin manufacturing purchasing managers’ index came in at 48.0 last month, contracting for the 12th straight month.

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