Oil prices regained ground on Thursday after an industry report on Wednesday showing a far larger than expected crude inventory drawdown last week eased concerns about oversupply.
U.S. West Texas Intermediate crude futures were at $45.84 a barrel by 08.20 AM GMT (04.20 AM ET), up 73 cents or 1.64%.
Brent oil on the ICE Futures Exchange in London was last at $48.51, up 72 cents or 1.51%.
Data from industry group The American Petroleum Institute late Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week ended June 30 to 503.7 million.
The report which was released a day later than usual due to Tuesday’s U.S. holiday also showed a fall of 5.7 million barrels in gasoline supplies.
The Energy Information Administration was to release its inventory report later on Thursday, with analysts expecting a drawdown of 2.28 million barrels.
(Jul 06, 2017 09:25 GMT)
The dollar edged lower against a basket of the other major currencies on Thursday after the latest Federal Reserve meeting minutes showed a rift on the future pace of rate hikes and as markets awaited U.S. data later in the day.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased to 95.90 by 09.57 AM GMT (01.57 AM ET), off Wednesday’s one week highs of 96.25.
The minutes of the Fed’s June policy meeting released on Wednesday showed a lack of consensus among policymakers over the outlook for inflation and how it could impact on the future pace of interest rate increases.
(Jul 06, 2017 06:03AM ET)
Japan and the European Union agreed on Thursday to a free trade pact, signaling their opposition to what they see as U.S. President Donald Trump’s protectionist turn.
Signed in Brussels on the eve of meetings with Trump at a G20 summit in Hamburg, the “political agreement” between two of the world’s biggest economies is heavy with symbolism and leaves some areas of negotiation still to finish, though officials insist the key snags were overcome this week.
By Alastair Macdonald
(Jul 06, 2017 07:10AM ET)
Konica Minolta Inc (T:4902) said it was purchasing U.S. diagnostics company Ambry Genetics in a deal valued at up to $1 billion – an acquisition that marks a strategic shift for the Japanese firm’s healthcare business as it seeks a leading position in precision medicine.
The deal is the largest ever for the photocopier maker, which has been seeking to diversify away its office equipment business. It pulled out of cameras about a decade ago.
Konica Minolta said its advanced imaging technology complemented privately held Ambry’s genetic testing capabilities, with initial applications for combining the technologies seen in diagnosing hereditary cancer.
“Together with Ambry, we will have the most comprehensive set of diagnostic technologies for mapping an individual’s genetic and biochemical makeup,” Chief Executive Shoei Yamana said in a statement.
By Sam Nussey
(Jul 06, 2017 05:56AM ET)