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Oil rebounds handily on hopes of production-freeze

News Date: 8/4/2016 02:53:17
Crude prices recovered some ground before the weekend as investors hope a meeting to be held this month in Qatar between major producers will result in a deal to freeze global production volumes at the January levels, which would help ease the global supply glut currently at play and buoy prices.

Brent crude futures hovered around $40 a barrel, up over half a dollar, or 1.37%, while U.S. West Texas Intermediate (WTI) crude futures added 70 cents, or nearly two percent to trade at $38.00 a barrel.

The dollar staged a small recovery as well after wide losses in the recent period, with its index up 0.10% at 94.59, while the yen fell on profit-taking after hitting a 17-month peak yesterday, last trading at 108.74, down 0.47% on the day. Euro edged down 0.10% versus the greenback to trade at 1.1370.

Gold prices recorded small losses on short-covering as well, with the futures last trading at $1,236 an ounce, while silver futures expanded their gains, adding two cents, or 0.15% to hover around $15.21 an ounce. Copper inched up 0.07% to $2.078 a pound.

Investors wait for an array of data later, with Britain's manufacturing production expected to have fallen 0.2% m/m in February, compared to January's growth, which would be negative for the British economy and the pound.

From Canada, the employment change is expected to rise by ten thousand jobs in March, compared to February's 2.3K fall, which would be positive for the loonie.

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