- Oil fell towards $50 a barrel on Thursday, pressured by higher Nigerian output and concern about the economic outlook following Britain’s vote to leave the European Union last week.Returning Nigerian supply will put pressure on prices, Goldman Sachs (NYSE:GS) said, adding that outages caused by Canadian wildfires would virtually end by September.
- Gold prices were lower in European trade on Thursday, reversing overnight gains, as worries about the U.K.’s shock decision to leave the European Union abated, dampening demand for safe-haven assets.Gold for August delivery on the Comex division of the New York Mercantile Exchange shed $8.50, or 0.64%, to trade at $1,318.30 a troy ounce by 06:55GMT, or 2:55AM ET.
- Natural Gas futures advanced during late morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity as warm weather across most parts of the US bolstered the demand outlook for the power-plant fuel. Latest weather forecasting models called for hotter than normal temperatures across most parts of the contiguous US from July 8 through July 12 which may boost demand for gas-fired air conditioning at offices and homes.
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