Crude oil prices dipped on Friday after news top oil exporter Saudi Arabia sees no need for a summit of producing countries' heads of state to defend prices, partly offsetting the previous session's strong rally on bullish gasoline demand.
The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel. The US crude October contract CLc1 also lost 29 cents to USD 45.63 a barrel after it settled up USD 1.77, or 4 percent, at USD 45.92 a barrel.
Saudi believes such a summit by oil producers would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
GOLD
Gold clung to small overnight gains near USD 1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall
as investors continued to fret over the timing of a looming US interest rate hike. FUNDAMENTALS
*Spot gold was little changed at USD 1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session.
*Earlier in the week, gold had fallen to USD 1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
*US gold GCcv1, also headed for a third weekly dip, was trading at USD 1,110.40.
*Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a US interest rate rise, before taking any big positions in gold
*Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a US rate increase, which had been expected as early as this month.
Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Market Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.
The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel. The US crude October contract CLc1 also lost 29 cents to USD 45.63 a barrel after it settled up USD 1.77, or 4 percent, at USD 45.92 a barrel.
Saudi believes such a summit by oil producers would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
GOLD
Gold clung to small overnight gains near USD 1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall
as investors continued to fret over the timing of a looming US interest rate hike. FUNDAMENTALS
*Spot gold was little changed at USD 1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session.
*Earlier in the week, gold had fallen to USD 1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
*US gold GCcv1, also headed for a third weekly dip, was trading at USD 1,110.40.
*Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a US interest rate rise, before taking any big positions in gold
*Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a US rate increase, which had been expected as early as this month.
Marketmagnify provide tips and advices to our clients by sms/calls/chat. We have dedicated team of analysts and we are providing reliable and valuable tips on stock, commodities. We believe in our customer satisfaction by giving them successful results.We provide high accurate Mcx Market Tips at very reasonable price to help small traders and investors to make decent money. Fill OUR FREE TRIAL We cover all types of services all segment.
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