- Oil prices edged lower on Thursday as traders took profits after three sessions of gains, though prices remained close to their highest this year thanks to a fall inU.S. crude inventories and supply disruptions.International Brent crude oil futures traded 13 cents a barrel lower at $52.38 a barrel at 0845 GMT, after setting a 2016 high of $52.86 a barrel earlier in the session. U.S. crude fell by 5 cents a barrel to $51.20 after also hitting a new 2016 high at $51.67.
- Gold futures extended strong overnight gains in European trade on Thursday to hit a fresh three-week high as a broadly weaker U.S. dollar due to fading expectations for a summer rate hike boosted the precious metal. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.1% at 93.54, not far the prior session’s five-week low of 93.41.
- Copper futures were trading higher in the domestic market on Thursday as speculators indulged in widening their positions on hopes that the US Fed will hold off on raising interest rates which kept a lid on dollar. The dollar is retreating after weak American jobs data pushed out bets on a hike in rates by the Fed.
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