Crude prices were largely unchanged near recent highs in early dealings on Thursday, drawing support from a report showing
Oil Holds Near 3-Year Highs as Falling U.S. Crude Supplies Provide Support – Crude prices were largely unchanged near recent highs in early dealings on Thursday, drawing support from a report showing U.S. crude stockpiles declined for an eighth straight week. Oil prices have added around 13% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Gold Slips From 4-Month High as Dollar Recovers on New China Bond-Buying News – Gold prices inched lower in early dealings on Thursday, as the dollar recovered against major rivals after China’s regulator called a report about Beijing slowing or halting of its U.S. bond buying possibly wrong. Gold prices settled higher for the first time in three sessions Wednesday, after hitting their strongest level since Sept. 15 at $1,328.60 as the dollar slumped after a report that Chinese officials had recommended slowing or halting purchases of U.S. Treasury securities. The country’s foreign exchange regulator said on Thursday the report may be based on erroneous information and could be “fake”, prompting investors to buy back dollars and bonds, reducing the appeal of the yellow metal.
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