Crude prices pushed higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products
Oil Pushes Higher as Focus Shifts to U.S. Supply Data – Crude prices pushed higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices finished higher on Monday following comments from influential OPEC member Saudi Arabia that the cartel and other major oil producers could extend their production cuts beyond 2018. OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday. Falih added that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. Oil prices have risen almost 50% from around $43 a barrel in June, 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.
Gold Edges Higher as Dollar Wallows Near 3-Year Lows – Gold prices edged higher on Tuesday, supported by a weaker U.S. dollar languishing near three-year lows after U.S. lawmakers reached a deal to end a government shutdown. The Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate on Monday will keep the U.S. government open through Feb. 8. The House of Representatives subsequently voted and passed the bill to reopen the government, which Trump then signed into law. Gold, which is priced in dollars, often trades inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of the precious metal to holders of other currencies.
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