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

RTTNews | 1046 days ago

(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.

Asian Markets Trade Mostly Higher

Asian stock markets are trading mostly higher on Tuesday, despite the broadly negative cues from Wall Street overnight, with the Australian and the Japanese markets hitting record all-time highs, as the U.S. and China agreed to extend their tariff truce for another 90 days. Optimism about the US Fed cutting interest rate at its next meeting is also aiding market sentiment.

RTTNews | 29 minutes ago

Sensex, Nifty Set For Muted Open On Mixed Global Cues

Indian shares are seen opening flat to slightly lower on Tuesday after rising sharply in the previous session as the announcement of a meeting between Russian President Vladimir Putin and U.S. President Donald Trump has fueled expectations of a potential end to sanctions limiting supply of Russian oil to other markets.

RTTNews | 1h 1min ago

Japanese Market Sharply Higher; Up 2%

The Japanese stock market is trading sharply higher on Tuesday, extending the gains in the previous five sessions, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 surging over 2 percent near the 42,700 level to record all-time highs, with gains across all sectors led by index heavyweights, technology and financial stocks.

RTTNews | 1h 55min ago

Indonesia Stock Market May Be Stuck In Neutral On Tuesday

The Indonesia stock market has tracked higher in back-to-back sessions, improving more than 115 points or 15 percent along the way. The Jakarta Composite Index now sits just above the 7,600-point plateau although it's expected to open in the red on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 2h 3min ago

Renewed Consolidation Likely For Hong Kong Stock Market

The Hong Kong stock market moved higher again on Monday, one session after snapping the four-day winning streak in which it had rallied more than 570 points or 2.4 percent. The Hang Seng Index now rests just above the 24,900-point plateau although it may hand back those gains on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 2h 18min ago

Australian Market Modestly Higher

The Australian stock market is trading modestly higher on Tuesday after opening in the red, extending the gains in the previous session, despite the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving above the 8,850 level to fresh all-time high, with gains in financial and energy stocks and a mixed performance in mining and technology stocks.

RTTNews | 2h 25min ago

China Stock Market May Hand Back Monday's Gains

The China stock market bounced higher again on Monday, one session after halting the four-day winning streak in which it had gathered almost 80 points or 2.4 percent. The Shanghai Composite Index now sits just beneath the 3,650-point plateau although it's likely to head south again on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 2h 33min ago

Taiwan Shares May Run Out Of Steam On Tuesday

The Taiwan stock market has moved higher in three straight sessions, rallying more than 685 points or 2.9 percent along the way. The Taiwan Stock Exchange now sits just above the 24,135-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 3h 3min ago

EURUSD	1.16212	GBPUSD	1.34349	AUDUSD	0.65236
USDJPY	148.393	USDCAD	1.37732	USDCHF	0.81112