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Brent Drop From Four-Year Low as OPEC Seen Resisting Cuts
Brent Crude extended losses from a four-year low, trading near $80 a barrel amid signs that OPEC remains unwilling to reduce output to ease concern of a global supply glut. West Texas Intermediate was steady in New York.
Futures slid as much as 0.7 percent in London, declining from the lowest close since September 2010. Saudi Arabia is committed to a stable market and speculation of a price war within the Organization of Petroleum Exporting Countries "has no basis in reality," Oil Minister Ali Al-Naimi said yesterday in Acapulco, Mexico.
AUD/USD almost unchanged after Australian inflation data
The Australian dollar was almost unchanged against its U.S. counterpart on Thursday, after data showed that inflation expectations in Australia rose last month, while demand for the greenback remained broadly supported.
Global banks entering higher-stake phase of forex probes
The $4.3 billion in civil settlements struck Wednesday between six global banks and U.S. and U.K. authorities over foreign exchange market manipulation sets the stage for negotiations over related ongoing probes that could bear much more severe consequences.Citigroup, UBS, HSBC, Royal Bank of Scotland, JPMorgan Chase and Bank of America agreed to make the payment to settle civil claims they failed to stop traders from trying to rig the foreign exchange market.
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