Oil Prices Rise On Falling U.S. Crude Stocks, Saudi Supply Cut To Asia

Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market. Brent crude futures , the international benchmark for oil prices, were at $50.33 per barrel at 0039 GMT on Thursday, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.


Gold Inches Up From Eight-Week Low As Dollar Weakens :

Gold edged up on Thursday to hold just above an eight-week low hit earlier this week, with the U.S. dollar declining against the yen. Spot gold was up 0.2 percent at $1,220.56 per ounce by 0316 GMT. 

It hit an eight-week low of $1,213.81 on Tuesday. U.S. gold futures also gained 0.2 percent, to $1,220.70 an ounce. "Combined with a moderation in confrontational foreign policy rhetoric from the Trump administration in May, a 'market friendly' election result in France is helping to unwind demand for gold to hedge against political risk. 
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