Month: May 2020

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Exclusive: Russia's Rosneft finds extended oil cuts painful – sources

May 29, 2020 admin Comments Off on Exclusive: Russia's Rosneft finds extended oil cuts painful – sources

Rosneft does not have enough crude to ship to buyers with which it has long-term supply deals, making it hard for the Russian company to continue with record oil cuts beyond June, four sources familiar with the matter told Reuters on Thursday. Rosneft has told the energy ministry it would be difficult to maintain cuts to the end of the year, as it has had to cut shipments to major buyers, such as Glencore and Trafigura, despite good demand, two sources close to the talks said on condition of anonymity. “There is no doubt Rosneft will …read more […]

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Stocks, Futures Dip Before Trump Speaks on China: Markets Wrap

May 29, 2020 admin Comments Off on Stocks, Futures Dip Before Trump Speaks on China: Markets Wrap

(Bloomberg) — Stocks slipped and U.S. futures edged lower on Friday as President Donald Trump’s planned press conference on China threatened to further stoke tensions between the world’s two largest economies. Treasuries gained along with most European bonds.The Stoxx 600 Index fell for the first time in five days, dragged lower by travel shares and automakers, as deteriorating Sino-American ties cast a cloud over a global stock rally spurred by reopening economies. Contracts on the main U.S. equity benchmarks nudged lower after Trump told reporters he would announce what the administration would do “with respect to China,” following Beijing’s moves …read more […]

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Gold flat ahead of Trump's Hong Kong response

May 29, 2020 admin Comments Off on Gold flat ahead of Trump's Hong Kong response

Spot gold was unchanged at $1,718.60 per ounce by 0616 GMT. U.S. gold futures rose 0.2% to $1,716.50. “Gold remains wedged between potentially positive economic developments that have been dragging prices lower, and a rise in geopolitical tensions with China over Hong Kong,” said Cameron Alexander, an analyst with Refinitiv-owned metals consultancy GFMS. …read more […]

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Oil falls but set to post biggest monthly rise in years on output cuts

May 29, 2020 admin Comments Off on Oil falls but set to post biggest monthly rise in years on output cuts

Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 43 cents, or 1.2%, to $34.86 a barrel by 0643 GMT and U.S. West Texas Intermediate (WTI) crude was at $33.14 a barrel, down 57 cents, or 1.7%. Both contracts are headed for their biggest monthly gains in years as production cuts and optimism about demand recovery led by China supported prices, analysts said. …read more […]