Oil Futures Close Notably Higher

Crude oil prices moved higher on Thursday, recovering from losses in the previous two sessions, despite continued concerns about energy demand outlook in the wake of reports showing a surge in new coronavirus cases.

Data showing a bigger than expected increase in U.S. durable goods orders contributed to oil’s uptick.

Uncertainty about the pace of recovery after the IMF report said the global economy will see a more severe contraction this year than earlier forecast weighed on crude oil prices earlier this week.

West Texas Intermediate crude oil futures for August ended up $0.71 or 1.9% at $38.72 a barrel.

Brent crude futures moved up $0.74 or about 1.8% to $41.05 a barrel.

Traders also reacted positively to assurance by White House Economic Advisor Larry Kudlow who said the economy is unlikely to be shut again.

The Commerce Department said durable goods orders spiked by 15.8% in May after plunging by a revised 18.1% in April. Economists had expected durable goods orders to surge up by 10.9% compared to the 17.7% nosedive that had been reported for the previous month.

Excluding a significant rebound in orders for transportation equipment, durable goods orders jumped by 4% in May after tumbling by 8.2% in April. Economists had expected a 2.5% increase.

Despite recent data showing an increase in crude production from U.S. shales, the major oil producers’ compliance with agreed production cuts supported oil’s rise.

Football: Liverpool win Premier League title with seven games to spare

LONDON (REUTERS) – Liverpool’s 30-year English title drought ended on Thursday (June 25) as they were confirmed as Premier League champions courtesy of second-placed Manchester City’s 2-1 loss at Chelsea.

The result at Stamford Bridge means Liverpool have an unassailable 23-point lead over City with seven games left.

Liverpool were last champions of England when they won the old First Division title in 1989-90.

Their title success moves them second on the all-time list with 19, one behind arch-rivals Manchester United.

SEC's Clayton says possible US Attorney's job first raised last weekend

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WASHINGTON (Reuters) – U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton said on Thursday he first learned President Donald Trump was considering nominating him to be the U.S. Attorney in New York last weekend.

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CORONAVIRUS HEIGHTENS RISK OF CHINA INVESTMENTS, SEC CHAIR SAYS

“This was first raised for the president and the attorney general last weekend,” Clayton said in his testimony before a U.S. House of Representatives committee on investor protection and capital markets.

Clayton said he would not comment on whether he knew beforehand whether former U.S. Attorney Geoffrey Berman was to be fired from the position.

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Brazil's National Monetary Council sets 2023 inflation target at 3.25%

BRASILIA, June 25 (Reuters) – Brazil’s National Monetary Council (CMN) on Thursday set the central bank’s 2023 inflation target at 3.25%, with a tolerance margin of 1.5 percentage points on either side.

The CMN, Brazil’s highest economic policy body, which includes the economy minister and central bank president, kept the 2021 and 2022 targets at 3.75% and 3.50%, respectively. (Reporting by Gabriel Ponte and Jamie McGeever)

Commander in Somali al Shabaab militant group killed – state media

MOGADISHIU (Reuters) – Somali security forces have killed a commander of the al Shabaab militant group in a military operation, state radio reported on Thursday.

Ahsraf Azmi Abu Hamdan, who was from Nepal, was a senior trainer in the Islamist group.

He was killed in an operation in the Middle Juba region in southern Somalia, state radio said. Three other fighers were also killed.

Al Shabaab has been fighting to topple Somalia’s central government since 2008 to establish its own rule based on a strict interpretation of Islam’s sharia law.

Fed balance sheet shrinks for second week as currency swaps fall again

June 25 (Reuters) – The Federal Reserve’s stash of assets shrank for a second straight week as foreign central banks once again sharply cut their use of currency swaps and U.S. banks further dialed back their use of Fed repurchase agreements.

The size of the Fed’s balance sheet – composed of assets ranging from U.S. Treasury bonds and mortgage-backed securities to loans to banks and state governments – fell to $7.13 trillion on June 24 from $7.14 trillion a week earlier, data released by the Fed showed on Thursday. (Reporting by Dan Burns)

U.S. stock funds shed $1.8 billion in latest week – Lipper

June 25 (Reuters) – U.S. equity mutual funds in the week ended Wednesday posted a $1.8 billion outflow, according to Lipper.

U.S.-based taxable bond funds attracted $11.3 billion in the week, the 11th straight weekly inflow, while money market funds shed $726 million, the sixth straight outflow, Lipper data showed. (Reporting by Alden Bentley; editing by Jonathan Oatis)

US stocks end up, recovering some of rout's losses

NEW YORK (AFP) – Wall Street stocks ended solidly higher on Thursday (June 25), winning back some of the prior session’s losses with banking shares jumping on the easing of regulations imposed after the 2008 crisis.

After a choppy session, the Dow Jones Industrial Average stood at 25,744.71, up 1.2 per cent or around 300 points after losing 700 points on Wednesday.

The broad-based S&P 500 gained 1.1 per cent to 3,083.67, while the tech-rich Nasdaq Composite Index rose 1.1 per cent to 10,017.00.