Oil prices slipped again Monday, extending last week's losses and mirroring a sell-off across Asian markets fuelled by worries about the global economy, Britain's future in the EU and producers bringing more rigs back online.
World stock markets slipped Friday as investors shied away from risky assets before the release of Chinese economic data and a Fed policy meeting, and as fears loomed that Britain could vote to leave the European Union.
Crude prices dipped further in Asia on Friday on a stronger dollar, dampening a rally that saw the commodity hit 11-month highs earlier in the week.
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Global shares were mostly lower Thursday despite gains on Wall Street as a weaker U.S. dollar negatively impacted Japanese stocks and investors weighed risks given the Federal Reserve's cautious stance about tightening rates.
New Zealand's currency surged to a year high Thursday after the central bank left rates unchanged, while the U.S. dollar remained under pressure on fading hopes for a summer U.S. rate hike.
Oil prices extended their gains to multi-month highs Thursday following another drop in U.S. supplies and the prospect of further disruptions to output from key producers Nigeria and Canada.
The U.S. dollar fell Wednesday as hopes for a Federal Reserve interest rate hike this month continued to fade, with U.S. and Japanese central bank meetings next week in focus.
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Oil prices held above US$50 in Asia on Wednesday thanks to a weak U.S. dollar as traders await the release of U.S. inventory data later in the day.