Comex Gold Signal
INTERNATIONAL COMEX NEWS
- U.S. crude oil prices were steady on Monday after U.S. President Donald Trump warned Iran over Twitter on Sunday night. West Texas Crude oil futures rose 0.31% to $68.47 a barrel as of 10:42 AM ET (14:42 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.63% to $73.53. Prices surged earlier in the session after Trump warned Iranian President Hassan Rouhani on Sunday to “never, ever threaten the U.S. again,” or Iran would “suffer the consequences.”
- Oilfield services provider Halliburton Co (N:HAL) on Monday reported a 24 percent increase in quarterly revenue, narrowly beating analysts’ estimates, as higher oil prices sparked a surge in U.S. crude production activity. Halliburton has benefited from soaring U.S. oil production, which reached a record 11 million barrels per day in July, according to a government estimate.
- The world’s largest oil companies are pumping more natural gasthan ever before, helping to spur a rise in profits while sating rising global demand for fuels that can mitigate global greenhouse gas emissions. This marks a shift over the past decade for an industry that once focused predominantly on crude oil, with gas in most cases an after-thought. Now, the rise of gas-powered electric generation, surging production from U.S shale fields and the burgeoning liquefied natural gas (LNG) industry that makes shipping the fuel possible, have conspired to create a boom.
- Real gross-domestic-product growth in the country slipped 0.1 percentage points to 6.7% in the second quarter, the statistics bureau reported Monday, a pace not seen since 2016. That is still over the government’s target of around 6.5%, and year-over-year growth remained at 6.8%. The fall was widely expected after Chinese policymakers began a campaign to curb financial leverage last year, which analysts say has weighed heavily on growth.
- Canada’s economic growth is strong and some housing market vulnerabilities have improved, but trade policy is a big risk to the outlook and the government should reform taxes to boost corporate competitiveness, the OECD said on Monday. The Paris-based Organisation for Economic Co-operation and Development said while GDP growth is projected to remain robust, with exports underpinned by strong global demand, rising rates will sap some consumer strength.
- China will adopt a more vigorous fiscal policy to help tackle external uncertainties without resorting to strong policy stimulus, state radio said on Monday, citing the cabinet. Slowing economic growth has sparked a heated debate among government researchers on whether fiscal policy should play a bigger role in softening the impact of a trade war with the United States. “The proactive fiscal policy will become more active,” state radio cited a statement issued after a cabinet meeting, chaired by Premier Li Keqiang, as saying.