Forex - Dollar Dips after Fed Minutes, Upbeat U.S. Data-SapForex24

The dollar dipped on Thursday after ending the previous session higher as upbeat U.S. data and the minutes of the Federal Reserve’s latest policy meeting helped it recover from recent losses.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged down 0.07% to 91.83 by 02:58 AM ET (07:58 AM GMT).

On Tuesday, the index had fallen to three-and-a-half month lows of 91.47.
The euro moved higher, with EUR/USD rising 0.17% to 1.2035 after losing around 0.4% on Wednesday. The single currency had hit a four-month high of 1.2080 on Tuesday, putting it within striking distance of a September peak of 1.2092, its strongest level since early 2015.

The dollar was little changed against the yen, with USD/JPY at 112.54, having pulled up from Tuesday’s two-and-a-half week lows of 112.04.

The pound was steady, with GBP/USD at 1.3520 after sliding 0.57% the previous day to pull back from a three-and-a-half month high of 1.3612.

Meanwhile, the Australian and New Zealand dollars were higher, with AUD/USD rising 0.22% to 0.7852 and NZD/USD adding 0.47% to trade at 0.7123.

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EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – December 28, 2017-SapForex24

EUR/USD

The pair rallied significantly during the yesterday’s trading session testing the 1.19 level. If the pair manages to break above the 1.1925 level, then it will be an extremely positive sign for the market and also would break the top of the weekly bullish flag. Going forward, the 1.18 level is going to be the important support of this market. The softening of USD in general due to thin liquidity is pushing the market higher.

GBP/USD

The market continued to be very noisy during the Wednesday’s trading session. Initially, the pair went higher reaching the 1.3430 level but got significant resistance and rolled over a bit. Moving forward, the pair is expected to get enough support at the 1.3375 level and will attract buyers into the market. The 1.35 level above will be a bit difficult for this market to cross.

AUD/USD

The AUD moved higher during the day on Wednesday reaching towards the 0.7775 level. Going forward, the 0.78 level is going to be massively resistive extending up to the 0.80 level. The 0.80 level essentially the fair value in the longer term and breaking above will be very bullish sign for the market.

USD/JPY

The USD went sideways during the Wednesday’s session against the JPY as due to thin volume is limiting any big movements in the market. Any bullish attitude in the stock market will send this market higher. This market continues to offer value in dips and 113 level is going to be the important support level and also the 112 level which is also a strong support area.

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Oil prices near 2015 highs on tight market-SapForex24

Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend.
U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.

WTI received support from a report by the American Petroleum Institute (API) showing a 6 million barrel drop in crude oil inventories to 432.8 million.

Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 earlier this week, the first time since May 2015 this week.
In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month due to a crack.

Both pipelines are expected to return to normal operations in January, with Forties already in the start-up process.

A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd.

Only OPEC king-pin Saudi Arabia and Russia produce more.

The latest official U.S. production figures are due to be published by the on Thursday.

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Daily Market Forecast, December 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD-SapForex24

USD/JPY: Quiet Conditions for Yen

Forex will remain very quiet today for all the major currencies. This includes the Yen as many global financial institutions remain in holiday mode. The Japanese currency is near 113.30 against the U.S Dollar. Traders should be ready for sudden bursts of activity amidst the very tranquil conditions. Volumes will pick up tomorrow.

Gold: Precious Metal Propelled Higher

Gold is near 1279.00 U.S Dollars an ounce as of this morning. The commodity was propelled higher via a large buy in the market earlier today. The precious metal is near important resistance, but with holiday trading in effect, Gold may prove to be a difficult short term to predict.

EUR/USD: Low Trading Volumes Today for Euro

The Euro will experience extremely low trading volume as most of the European continent remains on official holiday. The Euro is around 1.1880 against the U.S Dollar. Range traders might enjoy an opportunity to look for short-term spikes, but risk management would be wise today.

GBP/USD: Boxing Day Holiday in U.K

The Pound is around 1.3370 against the U.S Dollar. U.K investors are celebrating Boxing Day and trading will be nearly non-existent today. However, traders with positions on will want to monitor the range of the Pound and be ready for potential moves when investing picks up tomorrow.

Crude Oil: Solid Trend Upwards for U.S Crude Oil

U.S Crude Oil could be the commodity to watch today as some traders in America make their way back to the marketplace. The commodity is above 58.50 U.S Dollars a barrel and has provided a solid trend upwards the past week.

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Gold Prices Hover Near 1-Week Highs on Weaker Dollar-SapForex24

Gold prices were hovering near one-week highs on Friday, as fresh concerns over U.S. tax reform plans weighed on the dollar and as markets were still digesting the Federal Reserve's latest policy statement.

Comex gold futures were up $1.80 or about 0.15% at $1,258.90 a troy ounce by 03:00 a.m. ET (07:00 GMT), just off a one-week high of $1,261.50 hit on Thursday.

the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.16% at 93.50.

Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes Gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures added 0.16% to $15.96 a troy ounce.

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Forex - Dollar Steadies after Post-Fed Slide-SapForex24

The dollar stabilized against a basket of the other major currencies on Thursday, having slid after the Federal Reserve raised interest rates as expected, but left its interest rate projections for 2018 unchanged.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 93.47.

The dollar was also on the back foot after U.S. core consumer price data released on Wednesday showed slowing inflation.

But hopes for progress on U.S. tax reform, including tax cuts, continued to lend support to the dollar.
The dollar pushed higher against the yen, with USD/JPY rising 0.19% to 112.76 after tumbling 0.9% on Wednesday.

The euro was little changed against the dollar, with EUR/USD at 1.1830, having advanced 0.7% the previous day.

In the euro zone, data on Thursday showed that the German economy grew at the fastest rate in more than six-and-a-half years in December, while a similar survey showed that the French economy also ended 2018 on a strong note.

Sterling edged higher, with GBP/USD rising 0.13% to 1.3432.

The Bank of England and the European Central Bank were to make their final monetary policy announcement of the year later in the day and are expected to hold rates steady.

Meanwhile, the Swiss National Bank left interest rates unchanged at a record low of minus 0.75% after its meeting on Thursday, and pledged to “remain active” in the foreign exchange market to prevent the Swiss franc becoming too strong.

The Swissy remained slightly lower against the euro and the dollar following the announcement, with USD/CHF at 0.9861 and EUR/CHF at 1.1670.

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Forex - Dollar holds onto modest gains vs. rivals in quiet trade- SapForex24

The dollar held onto modest gains against other majors on Monday, as the greenback began to recover from sharp losses posted the previous week amid concerns over the impact of a second incoming hurricane and sustained tensions with North Korea.

Trading was expected to remain quiet with no major U.S. data to be released throughout the day.
The dollar regained some strength following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean.

Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power.

U.S. President Donald Trump said on Saturday that he will ask Congress to speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma.

The safe-haven yen and Swiss franc were lower, with USD/JPY up 0.55% at 108.41 and with USD/CHF climbing 0.51% to trade at 0.9489.

Market participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary of the founding of the nation.

However,investors were relieved to learn that Pyongyang chose to observe the 69th anniversary of its founding only by honoring the scientists behind the massive nuclear test it conducted last week.
Elsewhere, EUR/USD slipped 0.11% to 1.2023, while GBP/USD held steady at 1.3191.

The euro fell below the $1.20 level after European Central Bank Executive Board member Benoit Coeure said that persistent exogenous shocks to the exchange rate could lead to unwarranted tightening of financial conditions with undesirable consequences for inflation.

The remarks came after ECB President Mario Draghi indicated last week that the bank may start tapering its massive stimulus program this autumn.

The Australian dollar was steady, with AUD/USD at 0.8053, while NZD/USD rose 0.25% to 0.7281.
Meanwhile, USD/CAD slid 0.33% to 28-month low of 1.2120.

The Chinese yuan took a beating on Monday, as CNY/USD dropped 0.65% to 0.1533 after China’s central bank was reportedly planning to scrap reserve requirements for financial institutions settling foreign exchange forward yuan positions.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% at 91.43 by 05:20 a.m. ET (09:20 GMT), off Friday's 32-month low of 90.99.

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Forex - Dollar remains moderately lower vs. other majors - SapForex24

The dollar remained moderately lower against the other major currencies on Tuesday, as trading was expected to remain quiet with no major U.S. data expected throughout the day, although Friday’s strong U.S. jobs report still lent some support.

The greenback continued te be supported by Friday’s strong nonfarm payrolls data, which fueled expectations the Federal Reserve will stick to its plans for a third interest rate hike this year.

The U.S. Labor Department on Friday said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.

Investors were now eyeing U.S. inflation reports later in the week for indications of whether the recovery in the dollar is sustainable in the longer term.

EUR/USD added 0.13% to 1.1811 but gains were expected to remain limited after data showed that German exports fell by 2.8% in June, snapping five months of gains. It was the biggest drop since August 2015.

German imports dropped by 4.5%, the largest decline since January 2009. That drove Germany’s trade surplus up to €21.1 billion, from €20.3 billion in May, a 10-month high.

Elsewhere, GBP/USD held steady at 1.3043, just off the previous session’s one-and-a-half week low of 1.3014.

USD/JPY slipped 0.19% to 110.54, while USD/CHF was little changed at 0.9727.

The Australian dollar was stronger, with AUD/USD up 0.20% at 0.7929, while NZD/USD held steady at 0.7359.

Earlier Tuesday, the National Australia Bank said its business confidence index rose to 12 in July from a reading of 9 the previous month.

Separately, official data showed that China’s exports increased by 7.2% in July and imports climbed 11.0%. Both readings were slightly below analysts’s projections
China is Australia’s biggest export partner.

Meanwhile, USD/CAD slipped 0.14% to trade at 1.2664, not far from Monday’s three-week high of 1.2714.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.13% at 93.18, still close to Friday’s one-week high of 93.64.

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Forex - Dollar struggles near 10-month lows, sterling slips- SapForex24

The dollar was wallowing near 10-month lows on Monday after data showing that China’s economy gained momentum in the second quarter amid lingering doubts over the Federal Reserve’s plans to raise interest rates again this year.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ticked up 0.11% to 94.99 by 06.13 a.m. ET (10.13 a.m. GMT).

The index touched a 10-month low of 94.86 overnight after falling 0.69% on Friday.

China reported overnight that second-quarter gross domestic product expanded by an annualized 6.9%, driven by strong retail sales, industrial output and exports.

The data brightened the outlook for global growth because China is the world’s second largest economy.

USD/JPY was last at 112.43 after falling to a two-week low of 112.31 overnight.

The dollar weakened broadly on Friday after weak U.S. inflation and retail sales data added to doubts over the Fed’s plans for a third rate hike this year.

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year but the sluggish inflation outlook has raised questions over whether officials will be able to stick to their planned tightening path.

The euro was a touch lower against the dollar, with EUR/USD slipping 0.1% to 1.1456, still within striking distance of the 14-month high of 1.1488 set last Wednesday.

Sterling moved lower, with GBP/USD down 0.26% to 1.3066 amid concerns over heightened political uncertainties and the potential impact of Brexit as full talks got underway in Brussels.

The pound rallied 1.2% against the dollar on Friday, its largest one-day percentage gain in three months to a high of 1.3093.

The Australian and New Zealand dollars were slightly lower, with AUD/USD pulling back to 0.7822 from the 15-month high of 0.7832 set overnight as the upbeat Chinese data bolstered inflows into higher yielding assets.

NZD/USD slid 0.2% to 0.7331 after rising as high as 0.7361 earlier.

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Gold holds near 5-week low amid hawkish Fed outlook -SapForex24

Gold prices stayed near the lowest level in around five weeks in European trade on Tuesday, as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates.

Comex gold futures were at $1,248.89 a troy ounce by 4:35AM ET (0835GMT), up $2.20, or around 0.2%. Prices fell to $1,244.10 in overnight trade, a level not seen since May 17. Gold prices lost about $10.00, or 0.8%, on Monday.

Also on the Comex, silver futures were up 7.8 cents, or roughly 0.5%, to $16.58 a troy ounce, after hitting its lowest since May 18 at $16.44.

New York Fed Chief William Dudley gave an upbeat assessment of the economy on Monday and warned against the central bank taking a pause in the tightening cycle.

In a business roundtable held in Plattsburg, New York, Dudley said U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy.

The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year.

Chicago Fed President Charles Evans however later said the Fed should move slowly to raise rates and trim its portfolio due to soft inflation.

The U.S. central bank last week raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet.

Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data.

Futures traders are pricing in around a 20% chance of a hike at the Fed's September meeting, according to Investing.com’s Fed Rate Monitor Tool. Odds of a December increase was seen at about 40%.

Market players will focus on a pair of Federal Reserve speakers Tuesday, as they look for more clues on future monetary policy moves.

Boston Fed President Eric Rosengren speaks at 8:15AM ET at the DNB-Riksbank Macroprudential Conference Series meeting in Amsterdam. Dallas Fed President Robert Kaplan will also speak in San Francisco at the Commonwealth Club of California.

Fed Vice Chair Stanley Fischer did not address the outlook for U.S. monetary policy or the economy when he spoke in Amsterdam earlier in the day.

Among other precious metals, platinum was little changed at $928.05, while palladium tacked on 0.5% to $859.80 an ounce.

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Forex - Dollar index little changed, Fed meeting minutes ahead-SapForex24

The dollar was little changed against other major currencies on Wednesday, as investors awaited the minutes of the Federal Reserve’s latest policy meeting due later in the day.

EUR/USD held steady at 1.1186, off Tuesday’s six-month high of 1.1268.

The greenback regained some ground as investors turned their attention to the upcoming minutes of the Fed’s most recent policy meeting, with hopes of further indications on the pace of future rate hikes.

The U.S. dollar had broadly weakened recently following a string of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s U.S. presidential election and reports that Donald Trump attempted to interfere with the judicial process.

Elsewhere, GBP/USD rose 0.27% to 1.2994.

Investors were also still digesting the Manchester terrorist attack that killed 22 people on Monday evening.

USD/JPY eased up 0.08% to 111.86, while USD/CHF was little changed at 0.9758.

The Australian dollar was weaker, with AUD/USD down 0.12% at 0.7471, while NZD/USD added 0.09% to 0.7019.

Earlier Wednesday, the Australian Bureau of Statistics said construction work done fell 0.7% in the first quarter, disappointing expectations for a 0.2% slip.

Meanwhile, USD/CAD was steady at 1.3505.

Also Wednesday, Moody’s downgraded China’s credit rating for the first time in almost three decades.

Moody’s warned that China’s financial strength is likely to deteriorate in the coming years, as its economy slows and its national debt keeps rising.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.22.

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Forex - Dollar little changed amid fresh U.S. political concerns-SapForex24

The dollar remained moderately lower against other major currencies on Wednesday, amid fresh U.S. political concerns although growing expectations for a June rate hike by the Federal Reserve still lent some support to the greenback.

EUR/USD was steady at 1.0869, close to the six-month high of 1.1021 set on Monday after Emmanuel Macron win in the French presidential election.

ECB President Mario Draghi was scheduled to speak at the Dutch House of Representatives later in the day.

Investors were waiting to see if he adopts a more optimistic tone on the euro-area economy in light of recent upbeat economic reports.

Meanwhile, the greenback weakened after U.S. President Donald Trump abruptly fired FBI Director James Comey.

Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign.

GBP/USD added 0.14% to 1.2955, close to Monday’s eight-month peak of 1.2990.

USD/JPY slipped 0.14% to 113.84, while USD/CHF eased 0.08% to 1.0067.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.39% at 0.7371 and with NZD/USD advancing 0.49% to trade at 0.6929.

Meanwhile, USD/CAD fell 0.20% to 1.3693.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.43, after hitting a two-week high of 99.56 on Tuesday.

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Forex - Dollar holds onto gains vs. other majors-SapForex24

The dollar held onto gains against other major currencies on Wednesday, recovering from the previous session’s downbeat U.S. data, although U.S. political uncertainty was expected to limit the greenback’s rise.

EUR/USD slipped 0.19% to 1.0711, off a three-week high of 1.0737 hit overnight.

The greenback had weakened after the U.S. Commerce Department reported on Tuesday that housing starts fell in March, likely due to bad weather, while building permits rose.

A separate report showed that U.S. industrial production rose in line with economists’ forecasts in March, while manufacturing production unexpectedly fell.

Sentiment on the greenback also remained vulnerable as trade talks between the U.S. and Japan got underway this week, with markets awaiting indications of the direction U.S. trade policy could take under President Donald Trump, who campaigned on a protectionist platform.

Heightened tensions around North Korea, which has vowed to conduct more missile tests following Sunday's failed missile launch, also continued to weigh on the greenback.

U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea.

Markets were also jittery ahead of the first round of the French presidential election, scheduled on Sunday April 23. The race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.

Elsewhere, GBP/USD edged down 0.20% to 1.2816 after hitting a six-month peak of 1.2904 on Tuesday, when U.K. Prime Minister Theresa May on Tuesday called a snap election for June 8.

Analysts expect May to win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.

USD/JPY gained 0.43% to trade at 108.90, while USD/CHF eased up 0.11% to 0.9975.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.60% at 0.7515 and with NZD/USD declining 0.41% to 0.7013.

Meanwhile, USD/CAD rose 0.34% to trade at 1.3427.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% at 99.64, just off the previous session’s three-week low of 99.36.

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Oil rises to near one-month high on supply tightening- SapForex24

Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price.

Brent Crude futures, the international benchmark for oil, were at $54.52 per barrel at 0658 GMT, up 35 cents, or 0.65 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 percent, at $51.35 a barrel.

Both benchmarks on Wednesday hit their highest levels since March 8.

"The immediate reason for the move was an unplanned production outage in the North Sea," said Sukrit Vijayakar, director of energy consultancy Trifecta, referring to an unplanned production outage at the Buzzard oil field in the North Sea.

Buzzard produces about 180,000 barrels per day. It is the largest contributor to the Forties crude stream that is a key component of the physical Brent oil price that the Brent futures contract settles against.

Traders also said that prices gained amid slowly tightening market conditions, with the Organization of the Petroleum Exporting Countries (OPEC) leading an effort to cut output.
With most of OPEC's crude exported on tankers, tracking ship movements can be a good gauge of market conditions.

Shipped oil supplies have fallen by as much as 17 percent this year, according to oil analysis firm Vortexa.

"We have seen a significant reduction in global oil supply since January, with oil on water going from 978 million barrels on Jan. 1 to 812 million barrels on April 3," said Vortexa chief executive Fabio Kuhn.

"These changes are a signal that the rebalancing is happening faster than many in the market believe."
Trading data in Thomson Reuters Eikon shows that OPEC shipments to the rest of the world fell to 813.7 million barrels by the end of March from 796.6 million barrels in January.

But the tighter markets will only gradually lead to a reduction in bloated inventories as production especially the United States is rising.

U.S. crude stocks fell by 1.8 million barrels last week to 533.7 million, still near an all-time record, the American Petroleum Institute reported late on Tuesday.

The U.S. Energy Information Administration will issue its inventory figures later on Wednesday.
At the heart of the bloated U.S. market is rising production.

The U.S. rig count rose for an 11th straight week last week to 662, making the first quarter of 2017 the strongest quarter for rig additions since mid-2011, according to energy services firm Baker Hughes.

Following a slump in 2015 and 2016, U.S. oil production has risen 8.5 percent since mid-2016 to 9.15 million bpd, the same level output stood at in 2014, when the market downturn began.
"Price upside will... be capped by the recovering U.S. shale sector," BMI Research said.

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Oil slips towards $50 on doubts over output-cut extension - SapForex24

Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.

A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.

International benchmark Brent crude was down 34 cents at $50.46 by 0822 GMT, after falling as low as $50.26. U.S. crude was down 44 cents at $47.53.

"We would see the relative lack of reaction in the price perhaps as a reflection of some disappointment that nothing more concrete was forthcoming," analysts at JBC Energy said in a report, referring to the conclusion of Sunday's talks.

A number of ministers from the Organization of the Petroleum Exporting Countries and other producers met in Kuwait to review the progress of their supply cut, which initially runs until the end of June.

OPEC and 11 other producers including Russia agreed in December to reduce their combined output by almost 1.8 million barrels per day (bpd) in the first half of this year, to support prices and curb oversupply.

While many in OPEC have called for prolonging the curbs, Russia has been less definitive. Energy Minister Alexander Novak said on Sunday it was too early to say whether there would be an extension.

There is "increasing scepticism" in the market as to whether a rollover of the cuts can be agreed, JBC added.

Oil also came under pressure from further evidence that higher prices as a result of the OPEC-led supply cut are helping boost supplies in the United States.

U.S. drillers added oil rigs for a 10th week in a row, data from energy services firm Baker Hughes showed on Friday, as energy companies boost spending on new production.

Because of higher U.S. output and the cuts by OPEC, the discount of U.S. crude to Brent has grown to around $2.90 per barrel, heading for its widest close since late 2015.

Despite ample inventories and rising U.S. output, Goldman Sachs (NYSE:GS) said the market was rebalancing and it may not be necessary to keep output curbed unless supply-and-demand fundamentals worsen.

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