Oil prices bounce back from 2017 lows after data shows falling U.S. crude stocks

Oil prices edged lower Wednesday after U.S. government data showed a smaller-than-expected decline in domestic crude inventories and weak demand for gasoline, feeding concerns about a supply glut. U.S. West Texas Intermediate (WTI) crude CLc1 was down 18 cents at $47.48 a barrel at 11:33 EST. Benchmark Brent crude LCOc1 was down 8 cents at $50.38 a barrel…

Oil prices slip 1% after two Lybian oil fields restarted pumping crude

Crude prices fell more than 1 percent on Thursday as the restart of two key oilfields in Libya pumped more crude into an already bloated market. U.S. gasoline futures also led the complex lower, falling to the lowest in at least eight years for this time of year after inventories rose by the most in nearly three months and demand remained weak. Brent crude LCOc1 fell $1.22 a barrel to $51.17 by 1:02 p.m. EDT. U.S. light crude CLc1 was down $1.25 lowest at $48.37 a barrel…

Fed likely to hike rates again on strong job gains, rising inflation

The Federal Reserve is expected to raise interest rates for the second time in three months on Wednesday, encouraged by strong monthly job gains and confidence that inflation is finally rising to its target. A rate hike at the conclusion of the Fed’s latest two-day policy meeting is already baked into bond yields and financial markets overall, with investors putting the likelihood of such a move at 95 percent, according to CME Group’s FedWatch program…

U.S. consumer sentiment still at 10-year high despite falling short in February

A gauge of consumer sentiment fell slightly in February, but remained near a decadelong high, as self-identified Republicans and Independents remain confident in the economy after the election of Donald Trump. Still, the survey remains divided along partisan, political lines. Self-identified Democrats expect a recession while Republicans expecting robust growth…

Oil prices slide on profit-taking after markets rallied the previous day

Oil prices fell on Thursday on profit-taking, after markets rallied the previous day on another unseasonal draw in U.S. crude oil stocks helping bullish sentiment from an expectation of an OPEC-led cut in production. U.S. West Texas Intermediate crude oil futures were at $51.03 per barrel at midday European trading, down 57 cents from their last close. Brent crude futures were at $52.12 per barrel, down 55 cents…

BOJ’s Kuroda signals more easing using existing or new tools

Bank of Japan Governor Haruhiko Kuroda signaled his readiness to ease monetary policy further using existing or new tools, shrugging off growing market concerns that the bank is reaching its limits after an already massive stimulus program. He also stressed the BOJ’s comprehensive assessment of its policies later this month won’t lead to a withdrawal of easing…

Oil prices slide 3% over Chinese fuel exports, rising U.S. oil rigs

Oil prices fell more than 2 percent on Monday, retreating from last week’s two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count. China’s July diesel and gasoline exports soared 181.8 percent and 145.2 percent respectively from the same month last year, putting pressure on refined product margins…

Oil prices edge above $42 a barrel after data shows fall in U.S. inventories, weaker dollar

Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment remains bearish. A supply glut that has weighed on prices could increase if oil exports actually restart from ports in Libya that have been closed since 2014…

U.S. consumer confidence held steady at 97.3 in June

U.S. consumer confidence held steady in July and new single-family home sales hit their highest level in nearly 8-1/2 years in June, suggesting sustained momentum in the economy that could allow the Federal Reserve to raise interest rates this year. Other data on Tuesday showed moderate gains in house prices in May, which should support consumer spending and keep home purchasing affordable, especially for first-time buyers who have started venturing into the housing market…

Bank of England considers to cut interest rates for the first time in seven years

The Bank of England will consider the first interest rate cut for more than seven years this week, as it seeks to contain the economic fallout from the Brexit vote.
Some City economists predict that with consumer confidence battered and businesses nervous about spending and hiring, the Bank will want to shore up sentiment by reducing interest rates further from a record low of 0.5%…

Japan companies’ inflation expectations slide in June: BOJ tankan survey

Japanese companies’ inflation expectations fell slightly in June from three months ago, the Bank of Japan’s tankan survey showed, adding to growing doubts over its argument that aggressive money printing will accelerate price growth to its 2 percent goal. The data on inflation expectations came after Friday’s tankan sentiment survey showed business confidence was subdued in the second quarter, heightening pressure on the BOJ to roll out yet more stimulus to ease the pain from a strong yen…

Japan’s first quarter GDP revised upward to 1.9% from preliminary 1.7%

Japan’s economy grew faster than initially estimated in the first quarter as capital spending fell less than was first reported, but worries remain over slow consumer spending and weak exports. “The upward revision is very slight, and when you exclude the impact of leap year growth is not that strong,” said Shuji Tonouchi, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities…

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