China's crude oil output rose for the first time since October 2015

Omkar Godbole FXStreet Contributor

China's oil output increased for the first time since October 2015 and the processing rate fell in August to its lowest since December, data released earlier today showed.

Key points (Source: Reuters)

Monthly crude oil output hit 16 million tonnes, or 3.77 million barrels per day (bpd), marking the first year-on-year increase in tonnes and bpd in years.

China refined 50.31 million tonnes of crude oil in August, or 11.85 million barrels per day (bpd), up 5.6 from a year ago.

The pace of processing fell from 11.95 million bpd in July and compared with a record high of 12.13 million bpd in March.

For the first eight months, crude runs were up 8.7 percent at 400.41 million tonnes or 12.03 million bpd.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD retreats toward 1.1500 despite ECB rate hike

EUR/USD stays under bearish pressure and declines toward 1.1500 in the American session on Thursday. Although the European Central Bank raised key rates by 25 bps after the June meeting, the pair struggles to hold its ground as US President Donald Trump's renewed threat to hit Iran weighs on sentiment and supports the US Dollar.

GBP/USD extends slide below 1.3350 on renewed USD demand

GBP/USD is falling below the 1.3350 level in the American session on Thursday. Increased hawkish Fed bets and looming Mideast geopolitical risks sponsor the latest leg up in the US Dollar, particularly after the Producer Price Index jumped to 6.5% YoY in May.

Gold challenges fresh 2025 lows below $4,100

Gold struggles to stage a rebound and trades below $4,100 in the American session on Thursday. Mixed producer inflation data from the US and a further escalation of tensions in the Middle East don't allow the precious metal to shake off the bearish pressure.

Crypto Today: Bitcoin, Ethereum, XRP rebound broadens despite continued US-Iran strikes

Bitcoin steadies its recovery on Thursday, edging higher toward $63,000 despite incessant capital outflows. Meanwhile, altcoins, including Ethereum and Ripple, exhibit subtle rebound signs, trading above $1,650 and $1.12, respectively.

Indonesia surprise rate hike may not be enough to save the Rupiah

The surprise rate hike from Bank Indonesia, aimed at protecting the Indonesian Rupiah from sliding further, seems to have worked for now. The rate increase definitely helps, but there’s more work to do if Jakarta wants to ease investors’ concerns for good.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.