Brent crude declined, trimming its biggest monthly gain since August amid speculation that continuing violence in Iraq won’t disrupt supply from OPEC’s second-largest oil producer. West Texas Intermediate also fell.
Brent futures slid as much as 0.7 percent in London, curbing their advance in June to 2.9 percent. The Russian military is helping prepare Iraq’s air force to recapture areas of the country’s north held by Islamist militants. Fighting hasn’t spread to the south, home to more than three-quarters of its crude output. Iraq’s oil production was stable at 3.3 million barrels a day in June, according to JBC Energy GmbH.
“The geopolitical tensions that have been propping up prices recently are moving into the background with facts taking over,” Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, said by phone. “For instance, the positive surprise in export and production in southern Iraq last week and the absence of new risks.”
Recommended Content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD mired near 1.0730 after choppy Thursday market session
EUR/USD whipsawed somewhat on Thursday, and the pair is heading into Friday's early session near 1.0730 after a back-and-forth session and complicated US data that vexed rate cut hopes.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.