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Oil falls as weak China data offsets US debt ceiling progress

Wednesday,   31-May-2023   09:41 (IST)

Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. Brent crude futures for August delivery fell 28 cents to $73.43 a barrel by 0250 GMT, while U.S. West Texas Intermediate crude (WTI) slipped 26 cents to $69.20 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more than 4% on Tuesday. Brent's July contract, which expires on Wednesday, and the U.S. benchmark were o...

US House poised to vote on urgently needed debt ceiling suspension

Wednesday,   31-May-2023   08:28 (IST)

Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesd...

Gold faces monthly fall on debt deal hopes, Fed policy outlook

Wednesday,   31-May-2023   08:21 (IST)

Gold prices on Wednesday headed for their first monthly fall in three, as expectations that the Federal Reserve will likely raise interest rates further and optimism over the U.S. debt deal diminished...

Oil edges up after steep losses ahead of US debt ceiling vote

Wednesday,   31-May-2023   08:02 (IST)

Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Brent crude...

Gold languishes near 2-month low amid US debt deal optimism

Tuesday,   30-May-2023   08:02 (IST)

Gold prices were little changed in early Asian trade on Tuesday, lingering near a two-month low, as optimism over a U.S. debt ceiling deal along with a firm dollar dented the metal’s appeal. Spo...

Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm

Tuesday,   30-May-2023   07:55 (IST)

Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave...

Gold prices dip on US debt ceiling deal, Fed rate-hike bets

Monday,   29-May-2023   08:21 (IST)

Gold prices slipped on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates weighed down on the non-yielding...

Oil climbs after US leaders strike provisional debt deal

Monday,   29-May-2023   07:39 (IST)

Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer. Brent crude fu...

Oil prices broadly stable

Friday,   26-May-2023   12:57 (IST)

Oil prices were broadly stable on Friday, as the market dealt with conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, a stronger U.S. dollar and worrie...

Gold prices hover near two-month lows

Friday,   26-May-2023   12:56 (IST)

Gold prices hovered around two-month lows on Friday and were set for steep weekly losses as concerns over raising the U.S. debt ceiling and expectations of high interest rates saw investors pivot into...