Oil Prices Gain Ahead Of Next Week's OPEC+ Meeting

RTTNews | 1046 일 전
Oil Prices Gain Ahead Of Next Week's OPEC+ Meeting

(RTTNews) - Oil prices gained on Friday amid speculation of an output cut by OPEC producers in the meeting scheduled on October 5.

Benchmark Brent crude futures rose 1.2 percent to $88.25 a barrel, while WTI crude futures were up 1.3 percent at $82.25.

However, prices headed for their quarterly drop in two years on fears of a possible global recession.

A meeting of the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, is due next week amid speculation that the group will agree to cut crude output in order to support falling prices.

At the previous meeting, OPEC+ reversed the 100,000-barrels-per-day increase for September and returned the October quota to the levels from August.

A pullback in the dollar also supported prices. The dollar rally against major rivals stalled and U.S. Treasury yields declined, boosting investors' risk appetite.

Sentiment improved somewhat after the Bank of England intervened to calm markets and the British government agreed to meet with the country's independent budget experts.

The euro and the pound hit one-week highs after new data showed the U.K. economy has not yet fallen into a recession.

U.K. GDP for the second quarter of this year has been revised upwards to show growth of 0.2 percent from the previous estimate of a contraction of 0.1 percent.

read more
Rate Cut Hopes Drag The Dollar Down

Rate Cut Hopes Drag The Dollar Down

The U.S. dollar declined against major currencies during the week ended August 8 amidst weak economic data that renewed hopes of a larger-than expected and higher-than-expected monetary policy easing by the Federal Reserve.
RTTNews | 34 분 전
Bay Street Likely To Open Slightly Higher, But Weak Metal Prices Could Weigh

Bay Street Likely To Open Slightly Higher, But Weak Metal Prices Could Weigh

Canadian stocks may open with a slightly positive bias on Monday with investors looking ahead to the crucial U.S. inflation data due this week. The focus is also Trump administration's trade negotiations with China, and on the upcoming talks between the U.S. and Russia, aimed at bringing an end to the war in Ukraine.
RTTNews | 2 시간 47 분 전
FTSE 100 Up Marginally As Investors Look For Direction

FTSE 100 Up Marginally As Investors Look For Direction

The U.K. market is up in positive territory a little before noon on Monday with select counters attracting some strong buying interest. Uncertainty on the tariff front is rendering the mood a bit cautious and limiting the market's upside.
RTTNews | 4 시간 22 분 전
CAC 40 Drifts Lower In Lackluster Trade

CAC 40 Drifts Lower In Lackluster Trade

French stocks are down in negative territory on Monday as investors look for direction and make cautious moves while awaiting U.S. - Russia talks set to take place later in the week.
RTTNews | 4 시간 42 분 전
UK Job Placements Decline Sharply On Weaker Confidence & Budget Pressures

UK Job Placements Decline Sharply On Weaker Confidence & Budget Pressures

UK job placements logged a steep decline in July due to weaker confidence around the economic outlook and rising employment costs, monthly data from S&P Global showed Monday. Permanent staff appointments declined sharply in July and temp billings registered its biggest fall in five months, the KPMG/REC Report on Jobs said.
RTTNews | 5 시간 42 분 전