ASX to lift as markets wait for Powell speech; One of the busiest ASX reporting days with over 25 companies reporting; Follow for updates.
Oil rose after a government report showed the US is exporting a record number of crude and refined products as the market waits to learn whether nuclear negotiations will clear a path for Iran to sell more oil.
West Texas Intermediate rose 1.2 per cent to settle near $US95 a barrel after fluctuating in a choppy trading session on Wednesday. Energy Information Administration data showed that US crude stockpiles fell amid record petroleum exports. Meanwhile, the US sent its response to the EU’s latest proposal to rescue the 2015 nuclear accord. National Security Council spokesman John Kirby said that while a deal is closer than ever before, “Gaps remain. We’re not there yet.
“The Iranian nuclear deal continues to be an on again/off again-type news that continues to throw volatility into crude futures,” said Dennis Kissler, senior vice president of trading at BOK Financial. Oil has been on the rebound this week since Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the futures market is increasingly disconnected from fundamentals and that it may impel the OPEC+ alliance to cut output.
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