Oil Rises As OPEC Keeps Gradual Production Increases

Gold Edges Higher On Weaker Dollar

Gold prices inched up on Thursday and the dollar traded weak, as investors awaited the U.S. initial jobless claims report due later today and the all-important nonfarm payrolls report due Friday for clues about the Fed’s timelines for asset tapering and interest rate hikes.

Spot gold rose 0.2 percent to $1,816.88 per ounce, while U.S. gold futures were up 0.2 percent at $1,819.25.

The dollar was close to its weakest in nearly one month as weak ADP private payrolls data eased concerns over an immediate tapering of the Fed’s bond buying program.

Payroll processor ADP said U.S. private sector employment climbed by 374,000 jobs in August after rising by a downwardly revised 326,000 jobs in July.

Economists had expected employment to jump by 613,000 jobs compared to the addition of 330,000 jobs originally reported for the previous month.

The ADP data serves a precursor to much anticipated nonfarm payrolls data, which will be released on Friday.

Federal Reserve Chair Jerome Powell said last week the labor market recovery would determine when the central bank would start cutting asset purchases.

Eurostat data released earlier today showed that Eurozone producer price inflation accelerated further in July on higher energy prices.

Producer prices increased 12.1 percent year-on-year in July, faster than the 10.2 percent rise seen in June. Economists had forecast an annual growth of 11 percent.

On a monthly basis, producer price inflation rose to 2.3 percent in July from 1.4 percent in June. The rate of growth was well above economists’ forecast of 1.1 percent.

Abu Dhabi removes quarantine for all vaccinated travellers from Sept 5

DUBAI (REUTERS) – Abu Dhabi will remove the need to quarantine for all vaccinated travellers arriving from international destinations starting on Sunday (Sept 5), said the Abu Dhabi government media office on Twitter on Thursday.

A negative polymerase chain reaction test result remains a requirement to travel to the United Arab Emirates’ capital, it said.

This story is developing.

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‘Expand The Court!’: Livid Americans Demand Action After SCOTUS Abortion Ruling

Critics lambasted the Supreme Court on Wednesday night after the conservative majority said it wouldn’t block a restrictive new anti-abortion law in Texas. 

The new law effectively bans abortion at six weeks ― a point when many women don’t even know they’re pregnant ― and offers bounties of up to $10,000 to private citizens who successfully sue people for “aiding and abetting” abortions.

Some warned that other red states will quickly pass their own versions of the extreme Texas law. Others urged Congress to pass a law protecting abortion nationwide. And many demanded that President Joe Biden expand the court to dilute the power of the conservative majority and restore judicial balance: 

Universal Credit claimants are IN work! Expert blasts cut stealing Brits ‘breathing space’

Universal Credit claimant sends message to Rishi Sunak

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Universal Credit payments are to drop by £20 a week, or around £1,040 per year, from October 6. In defending this decision, the Government has argued focus now needs to shift onto getting people back into work but Deven Ghelani said this fails to take into account the fact that many Universal Credit claimants are already in work. More to follow…

Hormel Foods Corp Q3 adjusted earnings Inline With Estimates

Hormel Foods Corp (HRL) announced a profit for third quarter that decreased from last year.

The company’s bottom line totaled $176.92 million, or $0.32 per share. This compares with $203.12 million, or $0.37 per share, in last year’s third quarter.

Excluding items, Hormel Foods Corp reported adjusted earnings of $211.91 million or $0.39 per share for the period.

Analysts had expected the company to earn $0.39 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 20.2% to $2.86 billion from $2.38 billion last year.

Hormel Foods Corp earnings at a glance:

-Analysts Estimate: $0.39
-Revenue (Q3): $2.86 Bln vs. $2.38 Bln last year.

Full year EPS guidance: $1.65 – $1.69
Full year revenue guidance: $11.0 – $11.2 Bln

Oil Rises As OPEC Keeps Gradual Production Increases

Oil prices were a tad higher Thursday after OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference.

Brent crude futures for November delivery rose 0.4 percent to $71.87 a barrel, while U.S. crude futures for October settlement were up 0.3 percent at $68.81.

OPEC+ agreed to add another 400,000 barrels per day of supply each month to the market through December. The group also raised its demand forecast for 2022 despite the risk of new lockdowns in several countries to fight the unresolved COVID-mutant spread.

Oil prices were also supported by data showing a sharp decline in U.S. crude inventories in the week ended August 28.

Data released by Energy Information Administration (EIA) on Wednesday showed U.S. oil stockpiles dropped by 7.169 million barrels last week, more than twice the expected drop of about 3.1 million barrels as the U.S. gears up for the last peak of its summer driving season.

Distillate stockpiles dropped by 1.732 million barrels last week, while gasoline inventories increased by 1.29 million barrels.