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Oil pares gain on refinery outages, Gold's busy week ends where it started

Kpler data shows Iran oil exports hit highest level since sanctions started China increase oil import quota 20% from a year ago Gold ETFs reduced for a 13th straight day Oil Oil is rallying as the short-term fundamental outlook appears to have turned a corner, with Europe’s diesel premium surging and as China delivers a massive crude import quota. Europe’s widening of Gasoil cracks was triggered by refinery maintenance across Asia, while China’s imports improve and probably will become robust

16-06-2023 12:03 GMT by Edward Moya

Oil steadies, gold rebounds despite hawkish Fed

Oil steadies but further volatility may be in store Oil prices are steady at the end of the week, the rest of which has been anything but. There’s been a lot to factor in recently from OPEC+ (Saudi) output cuts to higher interest rate expectations, deteriorating economic prospects, and rate cuts in China. In all of that, the price has held in its lower 2023 range - roughly $70-$80 in Brent - but it did test the lower end of this earlier in the week.

16-06-2023 11:01 GMT by Craig Erlam