Oil Prices Slide As Concerns About Global Economy, Oversupply Weigh

Oil prices fell on Thursday, retreating from an 8 percent rally in the previous session as the oil market focused on signs of faltering global economic growth and record production of crude.

Brent crude futures dropped 4.24 percent, or $2.31, to settle at $52.16 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.61 to settle at $44.61 a barrel, down 3.48 percent.

“The market is giving back some of its gains from yesterday that were brought along with the euphoria in the stock market,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Prices surged on Wednesday, tracking a spike on Wall Street after President Donald Trump’s administration attempted to shore up investor confidence.

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Gold Near Highest In Over Two Months As Equity Plunge Boosts Safe-Haven Appeal

Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal’s safe-haven appeal.

Spot gold was down 0.2 percent at $1,221.06 an ounce at 1255 GMT. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016.

U.S. gold futures were down 0.3 percent at $1,224.50 an ounce.

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Gold Near Highest In Over Two Months As Equity Plunge Boosts Safe-Haven Appeal

Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal’s safe-haven appeal.

Spot gold was down 0.2 percent at $1,221.06 an ounce at 1255 GMT. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016.

U.S. gold futures were down 0.3 percent at $1,224.50 an ounce.

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India`s Oil Imports From Iran Edged Up In September Due To Loading Delays

India’s oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed.

Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed.

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Gold Prices Edge Higher As Global Stocks Sag, U.S. Dollar Slips

Gold prices edged higher on Wednesday as some investors sought refuge in the precious metal after the global stocks tumbled and the U.S. dollar weakened.

Spot gold rose 0.4 percent to $1,194.12 per ounce by 4:52 p.m. EDT (2052 GMT). U.S. gold futures settled up $1.9, or 0.16 percent, at $1,193.4.

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Oil Extends Losses As Other Markets Fall, Stockpiles Climb

Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death and widespread destruction.

Brent crude futures were down $1.15, or 1.4 percent, at $81.94 a barrel by 0624 GMT. They earlier touched their lowest since Sept. 27 at $81.35, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by 91 cents, or 1.2 percent, at $72.26, having also fallen to their lowest since Sept. 27. They dropped 2.4 percent in the previous session.

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Crude Oil Up 0.98% On Global Cues

Crude oil futures was trading higher in the domestic market on Tuesday as speculators created fresh bets, taking positive cues from Asian markets. Speculators built fresh positions after Brent crude oilprices again jumped above USD 84 per barrel in Asian trade, which supported the rise in crude prices at futures trade here, traders said.

At the MCX, crude oil futures for October 2018 contract closed at Rs 5548.00 per barrel, up by 0.98 per cent, after opening at Rs 5527.00, against a previous close of Rs 5494.00. It touched an intra-day high of Rs 5556.0 (at 13:15 hours).

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