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[ad_1] Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b

[ad_1] Last Updated: June 02, 2023, 01:43 IST New York, United States of America (USA) Brent crude futures settled at $74.28 a barrel, up by $1.68, or 2.3%, to $74.65 a barrel, their biggest daily gains since May 17. (Image: Reuters File) U.S. West Texas Intermediate crude (WTI) rose $2.01, or 3%, to settle at $70.10 a barrel, recording its biggest daily gains since May 5 Oil prices rose on Thursday by the most in two weeks ahead of an OPEC+ meeting on Sunday, while House of Representatives passage of a bill to suspend the U.S. debt ceiling helped to offset the impact of rising inventories in the country. U.S. West Texas Intermediate crude (WTI) rose $2.01, or 3%, to settle at $70.10 a barrel, recording its biggest daily gains since May 5. Brent crude futures settled at $74.28 a barrel, up by $1.68, or 2.3%, to $74.65 a barrel, their biggest daily gains since May 17. Both benchmarks recovered from two-straight sessions of losses after the House passed a bill late on Wednesday to s

[ad_1] Last Updated: May 26, 2023, 23:53 IST New York, United States of America (USA) On Thursday US President Joe Biden expressed confidence about the talks, saying there will be no default and that recent talks had been productive.U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be closing in on an agreement ahead of a June 1 deadline that would raise the government's $31.4 trillion debt ceiling for two years. Treasury yields rose as investors rethought how long interest rates were likely to keep rising Wall Street and European shares rose on Friday as the White House and congressional Republicans worked on the final touches on a U.S. debt ceiling deal. Treasury yields rose as investors rethought how long interest rates were likely to keep rising. [US/] The MSCI world equity index, which tracks shares in 49 nations, gained 1% by 10:38 a.m. EDT (1438 GMT), but was still on track for a weekly loss. The index extended gains after U.S. data sh

[ad_1] Last Updated: July 06, 2023, 02:30 IST Saudi Arabia, the world's biggest crude exporter, on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August. (Photo: Reuters) U.S. West Texas Intermediate crude (WTI) rose $2 from Monday's close, or 2.9%, to settle at $71.79 a barrel U.S. crude oil gained about 3% on Wednesday, narrowing the price gap with global benchmark Brent in a post-holiday response to supply cuts announced on Monday by Saudi Arabia and Russia, as market participants awaited U.S. demand data for the Fourth of July weekend. U.S. West Texas Intermediate crude (WTI) rose $2 from Monday’s close, or 2.9%, to settle at $71.79 a barrel. Brent crude futures rose 40 cents, or 0.5%, to settle at $76.65 a barrel, after gaining $1.60 a barrel on Tuesday. There was no WTI settlement on Tuesday because of the U.S. holiday, so trade on Wednesday had it catching up with Brent’s gains the previous day. Both benchmarks hit their

[ad_1] Oil prices rose on Monday after key producers Saudi Arabia and Russia further cut crude output in a bid to protect their precious revenues, but quickly gave up their gains. Asian stock markets meanwhile advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle. European stocks ended mostly lower and Wall Street stocks edged up to end a shortened trading session, with investor sentiment subdued on the eve of the Independence Day holiday in the United States. Data showing that the slump in US manufacturing continued for an eighth straight month in June, on the back of weak demand and slowing production, also dampened sentiment. Brent crude, the international benchmark, and US counterpart WTI jumped after Riyadh extended a voluntary oil production cut of one million barrels per day (bpd), while Moscow — whose invasion of Ukraine last year sparked oil market turmoil — said it was slashing exports by 500,000 b