00:15 AM ET, New York: Here’s a roundup of the important market news from the weekend.
OPEC deal hints at output bump, oil prices slide
Over the weekend, Brent crude prices fell at least 1.5% with traders expecting output to climb – something that was discussed in the Vienna HQ of the Organization of the Petroleum Exporting Countries (OPEC) last Friday.
The international benchmark, Brent crude futures, fell to about $74.2 a barrel at 03:45 GMT (Monday morning in the time zone), 1.8% lower than the previous close. WTI crude (US West Texas Intermediate) futures slipped 0.3% to $68.4 per barrel with falling US drilling activity.
Gold gets dearer as US-EU tensions gain momentum
The Euro is keeping Dollar at bay, as the US currency finds it harder to hit its 11-month high. The trade tensions between the Union and the US further lifted bullion rates, as spot gold inched 0.3% higher to about $1,271.8 per ounce as of 00:59 GMT (Monday morning in the time zone.)
US President Donald Trump imposed a 20% tariff on all US imports of cars assembled in the EU. As the rest of the world waits for the response from the European Union, dollar-denominated gold saw lower prices than its international counterparts.
Latest economic data evoked mixed sentiment this week -- the rebound in economic activity has raised inflation concerns while jobless claims declined for the sixth week in a row. The
Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first
The steel industry managed to shrug off the pandemic blues earlier than expected as the recovery in industrial activity pushed up demand. With the vaccination drive and the government’s aggressive