From Reuters Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of
From Reuters Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand. During the session, Brent traded at a low of $58.81 a barrel, down more than 22% from its peak in April. That decline puts the
From Reuters Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
Despite the Memorial Day weekend and the shortened week for U.S. business, the week has been eventful nonetheless. With anticipation mounting for the June 2nd OPEC meeting, the increased potential for a U.S. interest rate hike being signaled by the Fed, and Canadian crude returning to the market, oil markets have been rife with intensity this week. These market influences
Status Bump: China’s renminbi joins the dollar, euro, pound and yen as an IMF reserve currency The International Monetary Fund (IMF) announced Monday that the international lender will include the Chinese renminbi, or yuan, in its basket of currencies that make up the Special Drawing Right (SDR), it said in a release. The IMF’s decision will be effective as of
China currency devalues 4.4% in two days Concerns over China’s financial situation continued this week as the country’s central bank pushed the value of the yuan (or renminbi) lower for three consecutive days. Moves by the People’s Bank of China, the country’s central bank, have caused the yuan to shed 4.4% of its value since Tuesday, the largest drop in
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