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FTSE 100 rises on boost from BP, Shell; Just Eat Takeaway slumps
Published at 21/04/2021 at 08:23 -
European stocks bounce back as ASML outlook lifts tech sector
Published at 21/04/2021 at 08:20 -
UK Stocks-Factors to watch on April 21
Published at 21/04/2021 at 07:47 -
UK Stocks-Factors to watch on April 21
Published at 21/04/2021 at 06:11 -
FTSE 100 ends worst session in nearly two-months; cigarette makers, oil stocks weigh
Published at 20/04/2021 at 17:41 -
Europe stocks post worst day of the year; Tobacco firms weigh
Published at 20/04/2021 at 17:26 -
Cigarette makers, AB Foods drag FTSE 100 lower; Elementis shines
Published at 20/04/2021 at 08:22 -
Tobacco companies weigh on European shares
Published at 20/04/2021 at 08:20 -
UK Stocks-Factors to watch on April 20
Published at 20/04/2021 at 07:43 -
UK Stocks-Factors to watch on April 20
Published at 20/04/2021 at 06:45
Forex News
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FOREX-Dollar struggles to recover after slump to 7-week trough amid lower U.S. yields
Published at 21/04/2021 at 06:35 -
FOREX-Dollar licks wounds after drop to 7-week trough amid lower U.S. yields
Published at 21/04/2021 at 02:24 -
FOREX-Dollar rises from lows; oil drop hits crude-linked currencies
Published at 20/04/2021 at 20:33 -
FOREX-Dollar firms after nearing seven-week lows
Published at 20/04/2021 at 18:35 -
CORRECTED-FOREX-Dollar steadies near seven-week lows as interest rates hold
Published at 20/04/2021 at 17:56 -
FOREX-Dollar steadies near seven-week lows; euro holds above $1.20
Published at 20/04/2021 at 13:28 -
FOREX-Dollar falls to lowest in more than seven weeks
Published at 20/04/2021 at 09:06 -
FOREX-Vaccine hopes boost euro; dollar dips amid subdued U.S. yields
Published at 20/04/2021 at 06:17 -
FOREX-Vaccine hopes boost euro, dollar on back foot as yields off highs
Published at 20/04/2021 at 02:24 -
FOREX-Dollar slumps to 6-week low with all eyes on interest rate moves
Published at 19/04/2021 at 20:57
Market News
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PRECIOUS-Gold gains as softer U.S. dollar, yields lift appeal
Published at 21/04/2021 at 08:11 -
Oil prices drop as India's COVID-19 surge dents demand outlook
Published at 21/04/2021 at 07:56 -
Oil falls for second day as India's COVID-19 surge to dent fuel demand
Published at 21/04/2021 at 03:26 -
PRECIOUS-Gold hovers near 7-week high on subdued U.S. dollar, yields
Published at 21/04/2021 at 02:22 -
Oil drops from one-mth highs on demand fears as virus surges in India
Published at 20/04/2021 at 21:11 -
PRECIOUS-Gold gains as U.S. Treasury yields ease
Published at 20/04/2021 at 19:18 -
PRECIOUS-Gold edges up on weaker dollar and U.S. yields
Published at 20/04/2021 at 13:37 -
PRECIOUS-Gold eases off seven-week peak as U.S. yields rebound
Published at 20/04/2021 at 08:28 -
Oil prices rise on weaker dollar, likely drawdown in U.S. stocks
Published at 20/04/2021 at 03:02 -
PRECIOUS-Gold eases off seven-week high as U.S. bond yields rise
Published at 20/04/2021 at 02:09
UPDATE 7-Oil flat as weaker dollar offsets coronavirus demand worries
Published at
08/04/2021 at 19:58
* U.S. dollar falls to two-week low on rise in jobless claims
* S&P 500 scales new record high on tech boost
* Russia says COVID could hurt oil demand until 2023-2024
* U.S. gasoline stocks jump 4 mln barrels last week
* Tentative talks around lifting of Iranian sanctions
(Adds closing prices, fresh comment from analyst)
By Scott DiSavino
NEW YORK, April 8 (Reuters) - Oil prices were little changed on Thursday as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels.
Brent futures rose 4 cents, or 0.1%, to settle at $63.20 a barrel, while U.S. West Texas Intermediate (WTI) crude
ended 17 cents, or 0.3%, lower at $59.60.
"Crude prices are struggling for direction as short-term COVID pressures are countered by a much weaker U.S. dollar," said Edward Moya, senior market analyst at OANDA in New York.
The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.
A weaker dollar makes oil cheaper for holders of other currencies, which usually helps boost crude prices.
The S&P 500 , meanwhile, hit a record high and the Nasdaq was at a seven-week peak, helped by gains in tech-related stocks, a day after the Federal Reserve reiterated its pledge to remain ultra-dovish until the economic recovery is more secure.
U.S. gasoline inventories rose sharply by 4 million barrels to a little more than 230 million barrels as refiners ramped up output before the summer driving season, the U.S. Department of Energy said on Wednesday.
"A huge build in road fuel stocks is not what the market was expecting and concerns over the speed of the oil demand recovery resurfaced, leaving traders wondering how stable road fuel usage actually is," said Rystad Energy analyst Bjornar Tonhaugen.
Russia said the fallout from the COVID-19 pandemic on the global consumption of oil may last until 2023-2024, according to a draft government document seen by Reuters.
While oil demand remains weakened by the impact of the coronavirus, crude production looks set to rise.
Last week, the Organization of the Producing Countries (OPEC) and its allies, including Russia, a group known as OPEC+, agreed to bring back about 2 million barrels per day (bpd) of production over the next three months.
Iran and the United States held talks with other powers on reviving a nuclear deal that almost stopped Iranian oil from coming to market, reviving tentative hopes Tehran might see some sanctions lifted and add to global supplies.
Data intelligence firm Kpler said the U.S.-Iran negotiations provide potential for 2 million bpd in additional oil supply if a deal is struck.
Russian oil output increased from average March levels in the first few days of April, traders said.
In the United States, energy research firm East Daley lifted its rig and production outlook for the Permian Basin in Texas and New Mexico following a 22% rally in WTI prices during the first quarter. The firm said that price rise set the stage for years of additional oil and natural gas output from the shale formation.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ CHART: Brent oil may test support at $61.22 CHART; U.S. oil may retest support at $58.80
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(Additional reporting by Shadia Nasralla in London and Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and Susan Fenton)
((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net))