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SINGAPORE (Reuters) -Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in demand in China. "China's stimulus policy, resilient U.S. economic data, and OPEC+’s ongoing output cuts are the bullish factors that support the oil market's upside movement," CMC Markets analyst Tina Teng said, referring to a reserve ratio cut by China's central bank last week to boost liquidity and support its economy. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China.
Commodity Capsule: Traders will be watching decisions and commentary by central banks, including the US Federal Reserve, this week on interest rate policies, and key economic data out of China. Get more Commodities News and Business News on Zee Business.
China rate decision: Recent economic data showed the world's second-largest economy was picking up steam, while yuan declines have reduced the urgency for authorities to aggressively lower interest rates to prop up slowing growth. Get more World Economy News and Business News on Zee Business.
Japan's economic data shows a dwindling momentum in the country's export sector, registering a decline of -0.8% yoy to JPY 7994B in August, with a particularly notable decrease in its trading activities with China.
Gold price maintains its position around $1,930 ahead of US economic data. Fed’s hawkish stance on interest rate trajectory bolsters the US Dollar (USD). Higher US bond yields are weakening the non-yield-bearing assets like the Gold. Read Full Story at source (may require registration)