Investors and traders are worried that threats of higher U.S. tariffs
and retaliatory measures by others could derail a rare period of
synchronised global growth.
Oil prices were supported after
OPEC and non-OPEC producers agreed on a modest increase in production
from next month, without announcing a clear target for the output
increase, leaving traders guessing how much more will actually be
pumped.
OPEC and non-OPEC said in their statement that they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.
U.S. crude futures traded at $68.36 per barrel CLc1, down 0.3 percent for the day after Friday’s 4.6 percent rally.
International benchmark Brent LCOc1 fell 1.8 percent, however, to $74.22 per barrel, giving up more than a half of their gains made on Friday.
In the currency market, the euro held firm at $1.1656 EUR=, bouncing back after hitting an 11-month low of $1.1508 on Thursday.
The euro climbed on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.
Business activity in Germany and France, the euro zone’s top two economies, picked up in June despite trade tensions between Europe and the United States, IHS Markit data showed.
The dollar fell 0.55 percent to 109.38 yen JPY=, hitting its lowest levels in two weeks as the yen firmed on concerns about global trade frictions.
The Turkish lira gained by up to 1.6 percent on expectations of a stable government after Tayyip Erdogan and his ruling AK Party claimed victory in Turkey’s presidential and parliamentary polls on Sunday.
OPEC and non-OPEC said in their statement that they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.
U.S. crude futures traded at $68.36 per barrel CLc1, down 0.3 percent for the day after Friday’s 4.6 percent rally.
International benchmark Brent LCOc1 fell 1.8 percent, however, to $74.22 per barrel, giving up more than a half of their gains made on Friday.
In the currency market, the euro held firm at $1.1656 EUR=, bouncing back after hitting an 11-month low of $1.1508 on Thursday.
The euro climbed on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency.
Business activity in Germany and France, the euro zone’s top two economies, picked up in June despite trade tensions between Europe and the United States, IHS Markit data showed.
The dollar fell 0.55 percent to 109.38 yen JPY=, hitting its lowest levels in two weeks as the yen firmed on concerns about global trade frictions.
The Turkish lira gained by up to 1.6 percent on expectations of a stable government after Tayyip Erdogan and his ruling AK Party claimed victory in Turkey’s presidential and parliamentary polls on Sunday.
No comments:
Post a Comment