Russian Energy Minister Alexander Novak said that global oil demand has recovered by a large rate, up to 90% from pre-pandemic levels, adding that Moscow will propose to the OPEC+ group to take a response to this trend within the framework of the global agreement to reduce oil production. Novak …

Employment in the US’ private sector rose by 428,000 in August below the market expectation of 950,000, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.  Big business dominated job creation, as firms with more than 500 employees added 298,000 workers. Medium-sized businesses were …

Italian Economy Minister Roberto Gualtieri said that the country’s GDP will shrink by slightly more than 8%, stressing that production in Q3 will record a “strong recovery.” The Office for National Statistics said last week that the economy witnessed a record contraction of 12.8% in Q2 compared to the previous …

The dollar extended gains made last night after positive US manufacturing data, while the Australian dollar took a hit when gross domestic product data on Wednesday confirmed that the country was experiencing a recession for the first time in three decades. Manufacturing activity in the US increased more than expected …

Crude oil futures continued their gains Wednesday, September 2, after an exceed-expectations withdrawal from crude inventories in the United States and strong activity by American and Chinese factories fueled optimism about the recovery from the Coronavirus pandemic and boosted investors’ appetite for risk. Brent crude futures rose 45 cents to …

Gold prices fell on Wednesday, September 2nd as the dollar rebounded after strong data for the US industrial sector supported hopes for a rapid global economic recovery, which made the yellow metal lose some of its appeals as a safe haven. Gold spot fell 0.4% to 1962.63 dollars an ounce …

European shares opened higher on Wednesday, September 2, after suffering losses for four consecutive sessions, while the media and entertainment sector recovered from the large losses recorded in the previous session. The European Stoxx600 index rose 1.1% in early trade, after losing more than 2% over the past four sessions. …

German retail sales declined in July, missing economists’ expectations of an increase Data released by the German Statistics Office on Wednesday showed that German retail sales fell by -0.9% during the month of July, compared to a decline of -1.9% in the previous June. On the year, retail sales rose …

Russia’s production of oil and gas condensate rose 5% in August to 41.7 million tons, or 9.86 million barrels per day, from 9.37 million barrels per day in July, Interfax news agency reported, citing data from the Russian Energy Ministry. The increase follows a decision by a group of oil-producing …

According to the New York Mercantile Exchange, crude oil futures for October were traded at $43.09 a barrel, up 0.77%. It was previously traded at a session high at $43.16 a barrel. Crude oil may find support at $42.36 and resistance at $43.57. The dollar index, which measures the performance …