Oil marks monthly profit but quarterly loss
Oil prices dropped on Monday as tensions receded in the Middle East with increasing speculation about a potential OPEC+ production hike in August.
Recent EIA data showed US crude output hit a record high in April at 13.47 million barrels, up from 13.45 million in March, pressuring prices.
On trading, Brent August futures fell 0.2%, or 16 cents to $67.61 a barrel, with a monthly profit of 5.8%, and a quarterly loss of 8.2%.
US crude August futures fell 0.6%, or 41 cents to $65.11 a barrel, with a monthly profit of 6.9%, and a quarterly loss of 6.33%.
US dollar declines amid trade concerns
The dollar fell against most major rivals on Monday amid increasing concerns about a possible trade war once more between the US and other major economies.
Canada cancelled the digital services tax aimed at US tech companies in an attempt to revive trade talks with the US.
The Canadian finance ministry said PM Mark Carney and US President Donald Trump will resume trade talks with an aim at reaching a deal by July 21.
US Trade Secretary Howard Lutnick thanked Canada for cancelling the tax, which would’ve tanked any potential trade deal with the US.
However, Trump threatened to increase tariffs on Japanese goods even further as both sides fail to reach a deal.
Later this week, the Senate will announce its decision on Trump's tax bill, while analysts also await the payrolls report later on Friday.
Otherwise, the dollar index fell 0.6% as of 20:51 GMT to 96.8, with a session-high at 97.3, and a low at 96.8.
Aussie
The Australian dollar rose 0.8% against its US counterpart as of 21:08 GMT to $0.6581.
Loonie
The Canadian dollar rose 0.4% as of 21:08 GMT against its US counterpart to $0.7342.
Gold advances and marks quarterly gains
Gold prices rose on Monday as the dollar index fell against a basket of major rivals, with the precious metal marking the second quarterly profit in a row.
Canada cancelled the digital services tax aimed at US tech companies in an attempt to revive trade talks with the US.
The Canadian finance ministry said PM Mark Carney and US President Donald Trump will resume trade talks with an aim at reaching a deal by July 21.
US Trade Secretary Howard Lutnick thanked Canada for cancelling the tax, which would’ve tanked any potential trade deal with the US.
Later this week, the Senate will announce its decision on Trump's tax bill, while analysts also await the payrolls report later on Friday.
Otherwise, the dollar index fell 0.6% as of 20:51 GMT to 96.8, with a session-high at 97.3, and a low at 96.8.
Gold spot prices rose 1% to $3319.8 an ounce as of 20:51 GMT, with a monthly loss of 0.2%, and a quarterly profit of 4.2%.
Wall Street opens the last session of the quarter at record highs
US stock indices rose on Monday with both NASDAQ and S&P 500 marking fresh record highs, with Wall Street heading towards quarterly gains.
Canada cancelled the digital services tax aimed at US tech companies in an attempt to revive trade talks with the US.
The Canadian finance ministry said PM Mark Carney and US President Donald Trump will resume trade talks with an aim at reaching a deal by July 21.
US Trade Secretary Howard Lutnick thanked Canada for cancelling the tax, which would’ve tanked any potential trade deal with the US.
Later this week, the Senate will announce its decision on Trump's tax bill, while analysts also await the payrolls report later on Friday.
On trading, Dow Jones rose 0.3% as of 16:15 GMT, or 117 points to 43,942 points, while S&P 500 rose 0.2%, or 9 points to 6,182 points, as NASDAQ climbed 0.1%, or 27 points to 20,301 points.