G20 failure to agree on resisting protectionism considered as setback for Germany

The failure of the world’s financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday. Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of Baden-Baden, the finance ministers and central bank governors of the 20 biggest economies dropped a pledge to keep global trade free and open…

Global stock market near record highs, dollar slips after Fed’s rate hike

World stocks perched near a record high on Friday after a week when most of the world’s biggest economies either raised rates, or signaled hikes, in a strong sign of confidence about global growth and inflation. Investors turned their attention to a meeting of world finance chiefs in Germany starting Friday, where topics including economic reform, protectionism and exchange rates are expected to be on the agenda…

Is this the beginning of a showdown between OPEC and U.S. shale?

Is this the start of OPEC vs. American shale, round two? A new report from OPEC shows the group slashed production further in February as its members largely fulfilled promises to reduce output. Meanwhile, higher prices are luring American shale producers back into the market. OPEC production dropped by 139,500 barrels during the month, according to the group’s monthly report…

Oil inventories keep rising despite global deal to cut supply: OPEC

OPEC said on Tuesday oil inventories had continued to rise despite a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a glut. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1, the first cut in eight years. Russia and 10 other non-OPEC producers agreed to cut half as much…

A Perfect storm on track to force oil to plunge below $50 a barrel

A perfect storm is on track to force oil below $50 a barrel, driving a sudden drop in the stock market on Wednesday. A lack of cohesion among OPEC members, oil ministers predicting a fall in prices at a conference last week, the sudden growth of U.S. crude oil stockpiles and production and seasonal maintenance on United States oil refineries that will limit activity have all contributed to the sudden drop, experts say…

Oil plunges below $50 threshold for first time since mid-December

Here we go again: Crude oil is once again in selloff mode with prices sinking below the closely-watched $50 threshold. Oil has plunged 7% in the last two days, taking its first sub-$50 trip since mid-December. This breaks a period of relative stability in the oil patch since November, when OPEC reached a deal to cut production.
But the enthusiasm for the OPEC deal is fading due to rising concerns about the picture at home…

Fed rate hike bets lift Wall Street; oil slides amid record U.S. stockpiles; dollar falls

World shares chalked up their longest losing streak in well over a year on Thursday as bets on rising U.S. interest rates propelled the dollar and benchmark bond yields higher and beaten-up commodity markets struggled to find a footing. With global energy stocks on the run, MSCI’s 46-country All World index .MIWD00000PUS fell for a sixth consecutive day, the longest slide since the start of 2016 and down from an all-time high set just over a week ago…

Wall Street rallies, dollar, U.S. Treasury yields jump on Fed rate hike bets

Wall Street indexes rallied on Wednesday, with the Dow hitting a record above 21,000 points, while the dollar and U.S. Treasury yields jumped as investors bet that a U.S. interest rate hike would come soon. New York Fed President William Dudley – one of the most influential U.S. central bankers, and usually considered a dove – said late Tuesday that the case for tightening monetary policy had become “a lot more compelling”, while San Francisco Fed President John Williams said he saw “no need to delay” raising rates…

Oil pares gains after U.S. crude stockpiles rose 1.5 million barrels

Oil prices pared gains on Wednesday, with U.S. futures turning negative, after crude inventories in the United States rose to a record high. U.S. crude stockpiles rose 1.5 million barrels last week, less than forecast, but touching a record high at 520.2 million barrels after eight straight weekly builds. The consecutive increases have fueled worries that demand growth may not be sufficient to soak up the global oil glut despite a deal by major oil producers to cut output during the first half of the year…

Oil prices end little changed overshadowed by rising U.S. production

Oil prices edged higher on Monday as investors showed record confidence that prices would rise further, though gains were capped by the prospect of faster growth in U.S. oil production. On its second to last day as the front-month contract, Brent futures for April delivery were up 16 cents, or 0.3 percent, at $56.15 a barrel by 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate crude (WTI), meanwhile, was up 21 cents, or 0.4 percent, to $54.20 per barrel…

Oil prices slip amid U.S. inventory oversupply

Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the U.S. would limit the effect of OPEC’s record compliance with its supply-cut accord. U.S. crude stocks rose 9.5 million barrels last week, the U.S. Energy Information Administration (EIA) said, nearly three times more than forecast, but confirming a trade group’s report late Tuesday of a larger-than-expected build. [EIA/S]…

Oil prices rise after reports showing compliance of over 90% of OPEC output cuts

Oil prices rose nearly 2 percent on Friday after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. Supply from the 11 members of the Organization of the Petroleum Exporting Countries with production targets under the deal fell to 29.921 million barrels per day, according to the average assessments of the six secondary sources OPEC uses to monitor output, or a 92 percent compliance…

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