Oil Prices Rebound With Decline in Gasoline Inventories - 8 Mar 2018

Gold prices slipped as upbeat data on U.S. private-sector jobs helped the U.S. dollar reverse losses fueled by news that Gary Cohn, will leave his post - Gold on MCX settled down -0.32% at 30474 as the dollar steadied on upbeat economic news and hawkish remarks from Federal Reserve officials. Also upbeat data on U.S. private-sector jobs helped the U.S. dollar reverse losses fueled by news that Gary Cohn, the top economic adviser to President Donald Trump, will leave his post. Gold prices fell even further after the release of the U.S. Federal Reserve’s Beige Book, which offers a snapshot of domestic economic activity. Among the report's findings was "modest to moderate" growth across the country. Meanwhile the White House said that President Donald Trump may exempt Canada, Mexico from tariffs, easing days of investor fears over the prospect of a global trade war. "We expect that the President will sign something by the end of the week. And there are potential carve-outs for Mexico and Canada based on national security and possibly other countries as well based on that process," said Press Sec. 

Copper prices dropped as the market looked ahead to key data from top consumer China - Copper on MCX settled down -0.62% at 452.05 while prices recovered from the day’s low as support seen after weaker dollar and expectations of strong demand in China. Earlier in the day prices seen pressure as London Metal Exchange copper dropped on concerns that the U.S. could slap down import tariffs on steel, impacting zinc, used in galvanised steel and nickel, used in stainless steel, as well as aluminium have dragged those metals in the past week. While US President Donald Trump plans to offer Canada and Mexico a 30-day exemption from planned tariffs on steel and aluminium imports, which could be extended based on progress in NAFTA talks, a White House official said on Wednesday night. A labor strike in February 2017 at BHP Billiton's Escondida copper mine, the world's largest, sharply reduced copper exports until a deal was struck with the union in March. State-run miner Codelco is the country's top copper producer.

Oil Prices Rebound With Decline in Gasoline Inventories - Oil prices rebounded slightly Thursday morning in Asia, pulled up by a report from the Energy Information Administration (EIA) that gasoline inventories had dipped.Oil prices had dropped following a decline of more than 1 percent in S&P 500 Futures, triggered by the resignation of key free-trade advocate Gary Cohn, economic adviser to U.S. President Donald Trump, on Tuesday. The EIA report came out a day after the 1-percent drop in S&P futures. The authority reported that gasoline stockpiles had declined by 800,000 barrels in the reporting period, compared with a 2.5-million-barrel build in the previous week. Since the start of the year, there has been only one week featuring a drop in gasoline inventories, while the total build since then stood at 17.8 million barrels.

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