Oil&nbsp;prices kicked off the&nbsp;new&nbsp;year&nbsp;higher&nbsp;on Thursday as warming&nbsp;<a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade&nbsp;relations</a> between the United States and China eased demand concerns while rising&nbsp;tensions&nbsp;in the&nbsp;Middle&nbsp;East&nbsp;fuelled worries about supply.

Global benchmark <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Brent crude</a> futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">West Texas Intermediate</a> (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel.

<a href="https://www.wionews.com/opinions/wion-edit-oil-drives-the-global-economy-268116">Oil&nbsp;markets</a> were closed on Wednesday for&nbsp;New&nbsp;Year's Day.

Both benchmarks ended&nbsp;higher&nbsp;in 2019, posting their biggest annual gains since 2016, buoyed at the end of the&nbsp;year&nbsp;by a thaw in the prolonged&nbsp;trade&nbsp;dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the <a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">Organization of Petroleum Exporting Countries</a> (OPEC) and its allies.

"Oil&nbsp;remains supported by the back-burner&nbsp;trade&nbsp;truce and the uptick in political unrest in Iraq," said <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">Stephen Innes</a>, chief Asia market strategist at AxiTrader.

The US&nbsp;military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US&nbsp;Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops.

In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China&nbsp;trade&nbsp;deal boosted analysts' views on the prospects for the&nbsp;year, a Reuters poll showed.

US&nbsp;President Donald Trump said on Tuesday the US-China Phase One&nbsp;<a href="https://www.wionews.com/business-economy/oil-edges-up-on-trade-optimism-eyes-on-middle-east-tensions-270959">trade&nbsp;deal</a> would be signed on January&nbsp;15 at the White House.

January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January&nbsp;1, on top of their previous cut of 1.2 million BPD that started on January&nbsp;1&nbsp;a&nbsp;year&nbsp;ago.

A fall in US&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">crude inventories</a> last week also supported prices. US&nbsp;crude stocks fell 7.8 million barrels in the week ended December&nbsp;27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">American Petroleum Institute</a> (API) released on Tuesday.

Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the&nbsp;New&nbsp;Year's holiday.

"Traders will look towards Friday's EIA report for forwarding guidance on&nbsp;oil&nbsp;prices," said <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Benjamin Lu</a>, an analyst at Singapore-based brokerage Phillip Futures.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply. Global benchmark Brent crude futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US West Texas Intermediate (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel. Oil markets were closed on Wednesday for New Year's Day. Both benchmarks ended higher in 2019, posting their biggest annual gains since 2016, buoyed at the end of the year by a thaw in the prolonged trade dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. "Oil remains supported by the back-burner trade truce and the uptick in political unrest in Iraq," said Stephen Innes, chief Asia market strategist at AxiTrader. The US military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops. In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China trade deal boosted analysts' views on the prospects for the year, a Reuters poll showed. US President Donald Trump said on Tuesday the US-China Phase One trade deal would be signed on January 15 at the White House. January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January 1, on top of their previous cut of 1.2 million BPD that started on January 1 a year ago. A fall in US crude inventories last week also supported prices. US crude stocks fell 7.8 million barrels in the week ended December 27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the New Year's holiday. "Traders will look towards Friday's EIA report for forwarding guidance on oil prices," said Benjamin Lu, an analyst at Singapore-based brokerage Phillip Futures.

Oil starts new year higher on trade optimism, Middle East in 'supply' tensions

<a href="https://www.wionews.com/business-%26-economy/gold-prices-slip-for-sixth-session-as-dollar-trades-near-1-year-high-153068">Gold prices</a> firmed on Tuesday ahead of a meeting of the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US Federal Reserve</a> where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce.

"The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler.&nbsp;

"Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars."

Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade.

The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The <a href="https://www.wionews.com/business-economy/asia-stocks-higher-ahead-of-fed-pound-pressured-by-fresh-brexit-pain-239341">Bank of Japan</a> has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target.

Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion.

"Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices.&nbsp;

US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures.&nbsp;

On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.&nbsp;

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday.

Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars.

Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take.

Gold prices firmed on Tuesday ahead of a meeting of the US Federal Reserve where it is expected to signal how big an interest rate cut the world's biggest economy could take. Spot gold was up 0.1 per cent to1,427.85 dollars per ounce as of 0954 GMT. US gold futures were up 0.6 per cent at1,428.30 dollars per ounce. "The big question is what the tone of the Fed will be tomorrow. Interest rates are overwhelmingly likely to be cut. It's just a question of by how much," said Mitsubishi analyst Jonathan Butler. "Gold is still at 6-year highs. Although it has been close to1,450 dollars recently, it seems to have found a level around1,425 dollars." Investors awaited cues on the Fed's two-day monetary policy meeting beginning later in the session, which is expected to result in a 25-basis point cut in interest rates. If implemented, it would be the central bank's first rate cut in a decade. The bank would be joining peers such as the European Central Bank in signalling the need for rate cuts. The Bank of Japan has also said it would ease "without hesitation" if the economy lost momentum in order to achieve its inflation target. Gains in the dollar index, which touched a two-month high of 98.206 on the back of a weaker sterling, helped cap the rise in bullion. "Liquidity is still thin as traders seem to be holding back before the Fed gives its views on monetary policy," said Benjamin Lu, an analyst at Phillip Futures, adding that a firm dollar was putting pressure on gold prices. US-China trade negotiations, which begin in Shanghai on Tuesday, were also in the spotlight, although expectations for progress during the two-day meeting are low, with the markets hoping the two sides can at least detail commitments for goodwill gestures. On the technical side, spot gold remains neutral in a range of 1,412-1,427 dollars per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.83 per cent to 824.89 tonnes on Monday from Friday. Among other precious metals, silver rose 0.2 per cent to16.49 dollars, while platinum edged 0.2 per cent higher to 877.29dollars. Palladium dropped 0.5 per cent to1,545.31 dollars per ounce, after touching a near two-week high in the previous session.

Gold firms ahead of expected Federal interest rate cut

<a href="https://www.wionews.com/business-economy/gold-rises-as-focus-returns-to-growth-concerns-fed-rate-cut-233960/amp">Gold prices</a> ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT.

US&nbsp;gold futures fell 0.3% to $1,395.70 an ounce.

"Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures.

The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/]

A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively.

Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday.

However, the decline in gold prices was limited by weaker financial markets, with <a href="https://www.wionews.com/business-economy/asian-stocks-hobbled-by-fading-expectations-for-aggressive-fed-rate-cut-234146">Asian stocks</a> falling to their lowest in two-and-a-half weeks on Tuesday.

"We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets.

Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease.

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday.

Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday.

On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver gained 0.1% to $15.04 per ounce.

Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses.

Gold prices ticked lower on Tuesday, as the dollar scaled to multi-week highs on reduced expectations of an aggressive US rate cut, although softer share markets capped the metal's losses. Spot gold was down 0.2% at $1,393.03 per ounce as of 0740 GMT. US gold futures fell 0.3% to $1,395.70 an ounce. "Weakness in gold prices is largely due to an easing of rate cut expectations and bond yields are recovering. Markets continue to price in a 25 basis point cut but it looks like sentiment is easing and the dollar has rebounded," said Benjamin Lu, an analyst at Phillip Futures. The dollar index hit a near three-week peak, making bullion expensive for holders of other currencies. The US Treasury yield curve hit its flattest level in more than a month after investors rolled back expectations for a sharp U.S. rate cut at the end of July. [USD/] [US/] A week ago, the market forecast an 80.1% chance of a 25-basis-point cut, and a 19.9% chance of a 50-basis-point cut, according to CME Group's FedWatch tool. The chances are now 98% and 2%, respectively. Adding to the reduced expectations for a larger cut, U.S. consumers in June lifted their inflation expectations for the first time in three months, New York Fed data showed on Monday. However, the decline in gold prices was limited by weaker financial markets, with Asian stocks falling to their lowest in two-and-a-half weeks on Tuesday. "We're seeing a lot of Fed policy uncertainty leak into the equation across risk assets in general. Equity markets falling is the most poignant example supporting gold prices," said Stephen Innes, managing partner at Vanguard Markets. Market participants now await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Wednesday for clues about a rate decrease. Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15% to 795.80 tonnes on Monday from 796.97 tonnes on Friday. Hedge funds and money managers raised their bullish stance in COMEX gold in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday in a report delayed because of the US Independence Day holiday. On the technical side, spot gold may end its correction around a support at $1,387 and then retest a resistance at $1,421 per ounce, according to Reuters technical analyst Wang Tao. Among other precious metals, silver gained 0.1% to $15.04 per ounce. Palladium slipped 0.4% to $1,555.32, and platinum fell 0.2% to $812.23

Gold edges lower as dollar firms; weaker equities limit losses

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week.

Spot gold was down 0.2% at $1,338.86 per ounce as of 0549 GMT, after hitting $1,358.04, its highest since April 11, 2018, on Friday.

<a href="https://www.wionews.com/business-economy/gold-hits-two-week-low-as-upbeat-us-data-lifts-dollar-200423">US gold futures</a> were down 0.2% at $1,343.90 an ounce.

"For now, gold prices are holding tight. The markets have aggressively priced in rate-cut expectations and trade uncertainties have boosted safe-haven assets," said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

Expectations of an interest rate cut at the Fed's June 18-19 meeting fell to 21.7% from 28.3% on Thursday, in the wake of the strong retail data, according to CME Group's FedWatch tool. However, bets for monetary easing at the July meeting remain high at 85%.

Weighing on bullion's appeal was the stronger dollar, which is holding near a two-week high on Monday, supported by strong US retail sales data, analysts said.

US retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

Meanwhile, US Trade Representative's Office on Monday will kick off seven days of testimony from US retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs.

"US-China trade tension is a supportive factor for the gold market, the unresolved trade dispute and any escalation is likely to increase demand for gold," said Michael McCarthy, chief market strategist, CMC Markets.

Indicative of the sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday.

Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Physical gold discounts in India widened to their biggest in five months last week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rising from investors looking to hedge against a global slowdown.

Among other metals, silver eased 0.2% to $14.84 per ounce, while platinum rose 0.4% at $801.77.

Palladium fell 0.7% to $1,455.20 per ounce.

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week.

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week. Spot gold was down 0.2% at $1,338.86 per ounce as of 0549 GMT, after hitting $1,358.04, its highest since April 11, 2018, on Friday. US gold futures were down 0.2% at $1,343.90 an ounce. "For now, gold prices are holding tight. The markets have aggressively priced in rate-cut expectations and trade uncertainties have boosted safe-haven assets," said Benjamin Lu, an analyst with Singapore-based Phillip Futures. Expectations of an interest rate cut at the Fed's June 18-19 meeting fell to 21.7% from 28.3% on Thursday, in the wake of the strong retail data, according to CME Group's FedWatch tool. However, bets for monetary easing at the July meeting remain high at 85%. Weighing on bullion's appeal was the stronger dollar, which is holding near a two-week high on Monday, supported by strong US retail sales data, analysts said. US retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter. Meanwhile, US Trade Representative's Office on Monday will kick off seven days of testimony from US retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs. "US-China trade tension is a supportive factor for the gold market, the unresolved trade dispute and any escalation is likely to increase demand for gold," said Michael McCarthy, chief market strategist, CMC Markets. Indicative of the sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday. Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the US Commodity Futures Trading Commission (CFTC) said on Friday. Physical gold discounts in India widened to their biggest in five months last week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rising from investors looking to hedge against a global slowdown. Among other metals, silver eased 0.2% to $14.84 per ounce, while platinum rose 0.4% at $801.77. Palladium fell 0.7% to $1,455.20 per ounce.

Gold prices subdued on firmer dollar; Fed meeting in focus

Oil&nbsp;prices&nbsp;eased slightly on Thursday following a rally in the previous session, as investors eyed a surprise increase in US&nbsp;crude&nbsp;oil&nbsp;inventories and looked to a possible rise in output when OPEC and other producers meet in June.

Oil&nbsp;prices&nbsp;rebounded on Wednesday as Russia's central bank expressed caution on plans to boost&nbsp;oil&nbsp;supply, while some analysts see positive market fundamentals despite the possibility of rising supplies.

"Though crude&nbsp;oil&nbsp;has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster&nbsp;prices&nbsp;upwards," Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note.

Brent crude was down 38 cents, or 0.5 per cent, at $77.12 per barrel at 0643 GMT, after settling the last session up 2.8 per cent.

US&nbsp;West Texas Intermediate crude was down 20 cents, or 0.3 per cent, at $68.01 a barrel.

In the previous session, it settled up $1.48, or 2.2 per cent, at $68.21 per barrel.

Global inventories have been broadly falling, but US&nbsp;crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute (API).

That beat analyst expectations for a decrease of 525,000 barrels.

Data from the Energy Information Administration is due at 11 am&nbsp;EDT (1500 GMT) on Thursday, a day later than usual due to a US&nbsp;public holiday on Monday.

A possible output increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus.

Saudi Arabia, de facto leader of OPEC, and Russia have discussed boosting output by some 1 million barrels per day (bpd).

OPEC and some non-OPEC producers have committed to curbing their output by about 1.8 million bpd until the end of 2018, but they will meet in Vienna on June 22 to discuss whether their commitment should remain unchanged.

"With the OPEC meeting still another three weeks away,&nbsp;oil&nbsp;prices&nbsp;are likely to remain sensitive to headlines," ANZ bank said in a note.

A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut&nbsp;oil&nbsp;output through the end of the year, but they are ready to make adjustments to offset any supply shortfall.

"We expect for&nbsp;oil&nbsp;prices&nbsp;to stand tall in the current week as OPEC 'talk&nbsp;prices&nbsp;up' before the Vienna meet," said Lu of Phillip Futures.

In Asia, Shanghai September crude&nbsp;oil&nbsp;futures rose 2.2 per cent by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

Data from the Energy Information Administration is due at 11 am EDT (1500 GMT) on Thursday, a day later than usual due to a US public holiday on Monday

Oil prices eased slightly on Thursday following a rally in the previous session, as investors eyed a surprise increase in US crude oil inventories and looked to a possible rise in output when OPEC and other producers meet in June. Oil prices rebounded on Wednesday as Russia's central bank expressed caution on plans to boost oil supply, while some analysts see positive market fundamentals despite the possibility of rising supplies. "Though crude oil has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster prices upwards," Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note. Brent crude was down 38 cents, or 0.5 per cent, at $77.12 per barrel at 0643 GMT, after settling the last session up 2.8 per cent. US West Texas Intermediate crude was down 20 cents, or 0.3 per cent, at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 per cent, at $68.21 per barrel. Global inventories have been broadly falling, but US crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute (API). That beat analyst expectations for a decrease of 525,000 barrels. Data from the Energy Information Administration is due at 11 am EDT (1500 GMT) on Thursday, a day later than usual due to a US public holiday on Monday. A possible output increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus. Saudi Arabia, de facto leader of OPEC, and Russia have discussed boosting output by some 1 million barrels per day (bpd). OPEC and some non-OPEC producers have committed to curbing their output by about 1.8 million bpd until the end of 2018, but they will meet in Vienna on June 22 to discuss whether their commitment should remain unchanged. "With the OPEC meeting still another three weeks away, oil prices are likely to remain sensitive to headlines," ANZ bank said in a note. A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut oil output through the end of the year, but they are ready to make adjustments to offset any supply shortfall. "We expect for oil prices to stand tall in the current week as OPEC 'talk prices up' before the Vienna meet," said Lu of Phillip Futures. In Asia, Shanghai September crude oil futures rose 2.2 per cent by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

Oil prices ease after sharp gains; eyes on OPEC supply moves

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Oil starts new year higher on trade optimism, Middle East in 'supply' tensions

Gold firms ahead of expected Federal interest rate cut

Gold edges lower as dollar firms; weaker equities limit losses

Gold prices subdued on firmer dollar; Fed meeting in focus

Oil prices ease after sharp gains; eyes on OPEC supply moves