Energy news

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Oil prices climb, gold eyes nonfarm payrolls

Oil continues higher despite setbacks this week Could we finally be about to see a breakout in oil prices after two months of consolidation? The rally over the last week or so from the range lows has been quite strong and backed by momentum - as well as fresh cuts from Saudi Arabia and Russia - and despite being pushed back from the recent highs over the last couple of days, it's continued to drive higher in a way that could see the upper boundary buckle. Yesterday's ADP number appeared to wipe

07-07-2023 07:34 GMT by Craig Erlam

Oil prices in retreat, gold vulnerable after ADP report

Despite positive momentum, oil falls short once more Oil prices are retreating in risk-averse trade today. The ADP report has clearly had a negative impact given it likely means we're facing another red-hot jobs report tomorrow and the prospect of higher rates for longer. It also came at an opportune time, with the price flirting with the peak from two weeks ago, only to turn south having fallen just shy of surpassing it.

06-07-2023 10:27 GMT by Craig Erlam