Commodities & Futures News

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Scott DiSavino NEW YORK Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was

2/2Reuters. Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Novak are seen at the beginning of a meeting in Vienna 2/2 By Rania El Gamal, Vladimir Soldatkin and Jeff Mason DUBAI/MOSCOW/WASHINGTON U.S. President Donald Trump said on Thursday he had brokered a deal with top c

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Sonali Paul MELBOURNE Benchmark U.S. crude fell more than 1% in early trade on Friday, coming off its biggest one-day gain in the previous session after U.S. President Donald Trump said he expected Saudi Arabia and Russia to announce a major oil

2/2Reuters. Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Novak are seen at the beginning of a meeting in Vienna 2/2 By Rania El Gamal, Vladimir Soldatkin and Jeff Mason DUBAI/MOSCOW/WASHINGTON U.S President Donald Trump said on Thursday he had brokered a deal with top cr

2/2Reuters. Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Novak are seen at the beginning of a meeting in Vienna 2/2 By Rania El Gamal, Vladimir Soldatkin and Jeff Mason DUBAI/MOSCOW/WASHINGTON U.S President Donald Trump said on Thursday he had brokered a deal with top cr

. Oil workers operate drill sections while working on the drilling floor beneath the travelling block, right, on a derrick operated by Salym Petroleum in Salym, Khanty-Mansi autonomous region, Russia, on Tuesday, July 2, 2013. Oil extended losses below $60 a barrel amid speculation that OPEC's biggest members will defend market share against U.S. shale producers. Photographer:

. OPEC Middle East Oil Flows Surged After Production Deal Collapsed --Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, rose for a fourth month in March to the higest level since at least January 2017. The surge came before a production free-for-all triggered by ministers’ failure early last month to agree an extension of the OPEC+

. A sticker reads crude oil on the side of a storage tank in the Permian Basin By Rania El Gamal and Dmitry Zhdannikov DUBAI/LONDON U.S. President Donald Trump says he has brokered a deal with Saudi Arabia and Russia that would see sweeping oil output cuts. Riyadh has called for emergency talks, and Moscow has said it no longer plans to hike p

. By Barani Krishnan Gold returned to the $1,600 level Thursday as investors turned to the safe haven after U.S. jobless claims hit record highs for a second-straight week amid the coronavirus epidemic and its debilitating impact on the world’s top economy.Gold futures on New York’s COMEX settled up $46.30, or 3%, at $1,637.70 per ounce after the Labor Depar

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Scott DiSavino NEW YORK Crude prices soared on Thursday after U.S. President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of

. A flare burns excess natural gas in the Permian Basin in Loving County, Texas By Jeff Mason WASHINGTON The United States does not know formal details of Saudi Arabian and Russian plans to reduce oil supply yet and will not ask U.S. domestic oil producers to chip in with their own cuts, a senior administration official told on Thursda

. By Barani Krishnan Can Donald Trump achieve what OPEC itself couldn’t. The U.S. president’s tweets on Thursday that he expected Saudi Arabia and Russia to resume production cuts sent a market battered on demand destruction and a supply gut soaring about 25% in early New York trade. But analysts remained skeptical that any cuts achieved will be enough."Just

. By Geoffrey Smith  --Gold returned to trading like a risk asset on Thursday, rising over 2% in line with U.S. stocks as President Donald Trump called an end to the global price war in crude oil markets – albeit without any immediate corroboration from Saudi Arabia and Russia.By 12:35 PM ET (1635 GMT), gold futures for delivery on the Comex exchange were up 2.4%

. DUBAI Saudi crown prince Mohammed bin Salman and U.S. President, Donald Trump talked over the phone on Thursday and discussed global energy markets, according to the state news agency. The call comes after the United States invited OPEC's main member countries to return to negotiations.

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Shu Zhang SINGAPORE Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "ch

. By Kim President Donald Trump sent crude oil prices flying higher on Thursday, saying he "expects" Saudi Arabia and Russia to cut crude oil production by about 10 million barrels a day.Trump tweeted that after speaking with Saudi Arabia Crown Prince Mohammed bin Salman, who spoke with Russian President Vladimir Putin, the two have agreed to cool off their price

. By Peter Oil markets surged Thursday, amid hopes that the price war between Russia and Saudi Arabia, which has flooded the market with extra supply, may be coming to an end.AT 9:20 AM ET (1320 GMT), U.S. crude futures traded 8.9% higher at $22.12 a barrel, while the international benchmark Brent contract rose 8.5% to $26.84.Global oil prices have fallen by roug

. Pigs are seen in a pig farm in Bouille-Menard, France By Dominique Patton BEIJING Six planes carrying more than 4,000 high-quality French breeding pigs have arrived in China so far this year, the first of an expected dozens of plane-loads as the world's top pork producer rebuilds its decimated hog herd. China is ramping up imports as it rush

. China Starts Buying Oil for State Reserves After Price Crash -- China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter.The world’s biggest importer is taking advantage of a 60% plunge this year to snatch up cheaper barrels for its stockpiles, a source of c

. U.S. President Trump holds meeting with pharmaceutical executives to discuss developing coronavirus vaccine at the White House in Washington By Jeff Mason and Timothy Gardner WASHINGTON U.S. President Donald Trump said he has invited U.S. oil executives to the White House to discuss ways to help the industry "ravaged" by slumping energy dem

. By Rania El Gamal DUBAI Saudi Arabia supports cooperation between oil producers to stabilize the oil market but Russia's opposition to a proposal last month to deepen oil supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told . International crude prices have fallen over 50 percent to under $26 a barrel si

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Shu Zhang SINGAPORE Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "ch

. By Gina  -– Oil prices rallied in Asia on Thursday morning, as hopes rise for a truce between Saudi Arabia and Russia in their ongoing price war.International Brent Oil Futures rose 0.7% to $25.79  by 9:43 PM ET (2:43 AM GMT) and U.S. Crude Oil WTI Futures jumped 3.64% to $21.05, reversing losses in the last session.U.S. President Trump said at a

. By Gina Lee  -– Gold prices in Asia were up on Thursday as investors prepare for continuous economic turbulence. Gold futures were up by 0.41% at $1,598 by 10:21 PM ET (3:21 AM GMT), recouping its losses from yesterday’s session.Gold prices' gains today came as Asian equities traded mostly in the red. Australia’s ASX 200 slid 2.2% in morning

. The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County By Sonali Paul MELBOURNE Crude oil futures jumped nearly 5% in early trading on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war. Brent crude (LCOc1)