OPEC seen extending output cuts as Saudi Arabia says most members on board

OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut. Saudi Arabia’s energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative…

Euro hits 6-month high after Germany’s Merkel said it was ‘too weak’

The euro surged to a more than six-month high on Monday after German Chancellor Angela Merkel said it was “too weak,” while oil prices were bolstered by expectations that top exporters will extend supply curbs this week. A one-month high for oil futures LCOc1 on hopes of a supply cut by the Organization of the Petroleum Exporting Countries helped Asian shares to their best session in weeks. U.S. crude CLcv1 rose 0.61 percent to $50.98 per barrel and Brent LCOcv1 was at $53.80, up 0.35 percent on the day. European shares struggled to maintain momentum, but the U.S. stock market gained, lifted by defense and tech stocks, after U.S. President Donald Trump announced arms deals of up to $350 billion with Saudi Arabia over the weekend….

IMF-EU debt deal is what stands between Athens and new loans

Euro zone finance ministers may agree on Monday to release new loans to Greece but are likely to struggle to convince the International Monetary Fund to join the bailout by keeping the prospect of debt relief for Athens highly conditional. Greece needs new cash from the euro zone to avoid a default in July when it has to repay some 7.3 billion euros worth of maturing loans. To get the money, the Greek parliament approved pension cuts and tax hikes last Thursday…

Oil prices rise as OPEC, other producers are expected to extend, deepen supply cuts

Oil prices rose to their highest levels in more than a month on Monday, amid growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further. Brent futures were up 31 cents, or 0.6 percent, at $53.92 a barrel by 12:45 p.m. EDT (1645 GMT). U.S. West Texas Intermediate crude for June, meanwhile, rose 38 cents, or 0.8 percent, to $50.71 per barrel on its last day as the front-month…

OPEC, Saudi Arabia ‘no longer in control’ of oil prices

For decades, OPEC’s sway on oil prices was unparalleled. But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale. “Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas. The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said…

Oil prices rise on growing expectations that OPEC will extend crude output cuts

Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories. Brent crude LCOc1 was up 77 cents at $53.28 at 1328 GMT (9.28 a.m. ET), its highest since April 21, while U.S. benchmark crude oil CLc1 was up 67 cents at $50.02. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion swayed over whether cuts by the Organization of the Petroleum Exporting Countries and other producers will offset rising U.S. output…

ECB wants to avoid Fed’s 2013 ‘Taper Tantrum’

FRANKFURT — The European Central Bank is focused on avoiding a policy error committed four years ago by its big brother, the Federal Reserve. When the Fed indicated — on May 21, 2013 — that it would gradually wind down its $85 billion-a-month bond-buying program, asset prices and currencies plunged around the world in an episode known as the taper tantrum…

EU trade surplus widest since euro was launched in 1999

The eurozone’s trade surplus with the rest of the world in March was the widest since the single currency was launched in 1999, as exports jumped. The surge in exports to a record is another indication that the currency area is set to end the fourth year of its recovery on a high. But it may also reinforce concerns in the U.S. administration about the value of the euro on foreign exchange markets, and a trade deficit with the eurozone that appears to be growing…

Dollar hits 6-month low on weak housing data, political turmoil

The U.S. dollar index touched its lowest since early November on Tuesday, hurt by weaker than expected U.S. housing data and concerns after political turmoil once more hit Washington. A rally in the euro was reinforced by dollar losses, prompted by allegations that U.S. President Donald Trump disclosed highly classified information to Russia’s foreign minister about a planned Islamic State operation…

‘Wannacry’ ransomware attack estimated at $4 billion in losses

Global financial and economic losses from the “WannaCry” attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware. Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions…

Europe, Japan not yet sold on ‘Trumponomics’

The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will revive protectionism and set back the global approach to issues such as banking reform and climate change…

G7 leaders pledge stronger cooperation against cyber crime, renew FX pledges

Financial leaders of seven leading world economies pledged stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes…

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