Dec 9 (Reuters) – Oil prices bounced higher on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but both benchmarks were headed for a weekly loss on worries over slowing global demand growth.
Brent crude futures were at $76.73 a barrel, up 58 cents, or 0.76%, at 0716 GMT, after dropping 1.3% on Thursday.
U.S. West Texas Intermediate crude rose 52 cents, or 0.73%, to $71.98 a barrel, having settled 0.8% lower in the previous session.
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U.S. Bid For Battery Metals Has Africa Blind Spot
JOHANNESBURG, Dec 9 (Reuters) – Mining companies and governments in Africa are calling for stronger trade ties with the United States after a new climate law set out incentives for U.S. carmakers sourcing battery materials from trade partners.
The $430 billion Inflation Reduction Act (IRA) has been criticised by the European Union and South Korea, who say it could hurt their car industries.
It could also negatively impact African nations that produce battery materials.
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Dollar Slips On Recession Fears; Eyes On U.S. CPI, C.Bank Meetings
SINGAPORE, Dec 9 (Reuters) – The dollar retreated on Friday as worries over a slowdown in the United States mounted, with traders on guard ahead of a slew of central bank meetings next week, with the Federal Reserve taking centre stage.
Against the greenback, the euro rose 0.25% to $1.0581, edging toward its six-month peak hit at the start of the week and on track for a third straight week of gains.
Sterling firmed 0.27% and stood at $1.2274, not far off Monday’s six-month high of $1.2345. The Japanese yen jumped about 0.4% to 136.13.
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Take Five: The Grand 2022 Central Bank Finale
(Reuters) – The world’s top central banks dominate the agenda next week with indications abounding that the aggressive pace of rate hikes might slow, but not yet fade away given price pressures.
China publishes key economic data as Beijing loosens some of its strict COVID-19 shackles, while PMIs will provide a health check for the global economy.
Here’s a look at the week ahead in markets from Lewis Krauskopf in New York, Kevin Buckland in Tokyo, Dhara Ranasinghe, Naomi Rovnick and Amanda Cooper in London.
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Morning Bid: All In On Reopening
A look at the day ahead in European and global markets from Ankur Banerjee:
Soft demand and weak economic activity remain a drag on China as the world’s second-biggest economy slowly but surely shakes off its COVID restrictions. The path to reopening is unlikely to be smooth and straight-forward, with some finding it difficult to break out of habits formed during the strict lockdowns.
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