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Oil Mixed, Moves Small as Saudi-UAE Production Dispute Continues
Oil was mixed Wednesday morning in Asia, but remained above the $73 mark, as a production dispute between Saudi Arabia and the United Arab Emirates (UAE) continues. The dispute has stalled efforts by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to raise production as the fuel demand outlook brightens.
Brent oil futures inched down 0.05% to $74.49 by 10:16 PM ET (2:16 AM GMT). WTI futures inched up 0.05% to $73.41, after ending the previous session with a 2.4% loss. Prices had been climbing towards the highest intraday level since 2014 earlier in the week over concern that the dispute would prevent more crude from being restored to the market.
Buyers of the black liquid are already feeling the pinch, as Saudi Aramco (SE:2222) raised the official selling price of Arab Light crude increased by 80 cents a barrel to $2.7 above the regional benchmark in its main market of Asia.
Gold was up on Wednesday morning in Asia after hitting a three-week high during the previous session. A weakening dollar also gave the yellow metal a boost as investors await the minutes from the U.S. Federal Reserve’s latest policy meeting.
Gold futures were up 0.25% to $1,798.60 by 12:41 AM ET (4:41 AM GMT) after climbing to their highest level since Jun. 17 during the previous session.
The dollar, which usually moves inversely to gold, inched down on Wednesday but remained near the three-month high hit during the previous week. Benchmark 10-year U.S. Treasury yields also fell to their lowest level in more than four months.
The minutes from the Fed’s June 2021 meeting, due to be released later in the day, are expected to provide some clues to the central bank’s monetary policy moving forward. They could also shed some light on the Fed’s surprise hawkish turn in the policy decision handed down after that meeting.
Dollar Down as Investors Await Fed Minutes
The dollar was down on Wednesday morning in Asia ahead of the U.S. Federal Reserve’s release of the minutes from its latest meeting. The euro, meanwhile, fell to an almost three-month low against the greenback as German economic data disappointed and raised concerns about the country’s economic recovery from COVID-19.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.01% to 92.532 by 11:41 PM ET (3:41 AM GMT).
The USD/JPY pair held steady at 110.61.
The AUD/USD pair inched down 0.07% to 0.7491 while the NZD/USD pair inched up 0.06% to 0.7015.
The USD/CNY pair inched down 0.06% to 6.4714 and the GBP/USD pair inched down 0.01% to 1.3798.
The euro traded at $1.1820, after hitting a three-month low of $1.1806 during the previous session. It also fell against the yen to 130.81 yen, close to a two-month low of 130.05 hit on Jun. 21.
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