Oil drops on stockpile build while gold extends rally

Oil prices dropped again on ￰0￱ makes three days ￰1￱ now, for the first time in three weeks, the market’s facing a clear weekly ￰2￱ crude fell by $0.35 to $66.64 a barrel by 08:10 ￰3￱ Texas Intermediate slipped $0.33 to $63.15. Each was down 0.5% on the ￰4￱ the week, Brent is down 2.2% and WTI dropped 1.3%. The losses followed news that ￰5￱ stockpiles rose by 2.4 million barrels last ￰6￱ had predicted a ￰7￱ surprise increase in inventories raised fresh concerns about slowing ￰8￱ the same time, supply expectations are growing louder. OPEC+, which includes Russia and Saudi Arabia, plans to meet on ￰9￱ members are now talking about raising output.

OPEC+ plans fresh supply before schedule OPEC+ already controls nearly half the global oil ￰10￱ they’re thinking of ending a second layer of supply cuts over a year ￰11￱ proposed boost is 1.65 million barrels per day, which equals 1.6% of world demand. It’s a big move and would flood the market with more barrels at a time when demand is looking soft. “There are increasing stories and signs of a future where feedstock supply is unlikely to be a problem,” said John Evans of PVM, a brokerage. Translation: there’s no shortage of oil ￰12￱ strength had been helping prices stay supported, according to BMI analysts, but they warned this support may ￰13￱ margins could weaken as refiners start maintenance and global demand slows in the coming months.

Meanwhile, Donald Trump stirred the pot on ￰14￱ former ￰15￱ told European leaders to stop buying Russian oil, according to a White House ￰16￱ kind of political interference always adds ￰17￱ cut in Russian exports, or even just the fear of one, could spike global oil prices ￰18￱ breaks away while Treasuries stall While oil is struggling, gold is ￰19￱ are pouring into the yellow metal as fears around inflation, central bank policy, and government debt hit hard. Treasuries, normally the safe-haven asset, are starting to look shaky. “Gold is the new safety,” one analyst put ￰20￱ banks are clearly thinking the same ￰21￱ reserve portfolios used to be full of ￰22￱ those same banks are stacking gold ￰23￱ shift is ￰24￱ have been “treading water,” while central banks’ gold reserves are ￰25￱ price of gold hit a new high this week, and long-term bond yields reached levels not seen in years, some never ￰26￱ divergence isn’t ￰27￱ are four big reasons: inflation, fiscal trouble in the U.

S., weakened trust in the Fed, and global political ￰28￱ of them hit confidence ￰29￱ felt the pressure ￰30￱ Thursday, the British pound dropped 1.24%, hitting its lowest point in over three weeks at $1.3375. The Japanese yen fell to 148.40 per dollar, its weakest level since August ￰31￱ was a 0.84% ￰32￱ euro didn’t escape ￰33￱ fell 0.61%, landing at $1.1637. Traders are now betting on a rate cut in 12 days, hoping it might calm the ￰34￱ then, volatility is the name of the ￰35￱ Difference Wire : the secret tool crypto projects use to get guaranteed media coverage