Oil prices claw back on supply concerns though but demand worries drag

Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand.
Brent crude was up 8 cents, or 0.1 percent, at $78.26 a barrel by 0338 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.
U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.
Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase.
The British pound has tried to rally during the day on Friday early, but the revelation that perhaps Labour is possibly going to vote against the Brexit deal of course has a lot of concern about the British pound showing up into the marketplace. With that, it makes sense that we would pull back, and of course it also makes sense that we will be paying attention to geopolitical factors and the trade war as well. Because of that, it’s not a huge surprise to see that there would be a little bit of negativity creep into the marketplace. However, I don’t necessarily think that a meltdown is coming I just think that a pullback is likely. When I look at this chart, I would anticipate that the ¥145.50 level will probably be the beginning of support, and possibly a move below there could occur, perhaps driving the market down to ¥145.
European Central Bank policymaker Jozef Makuch may consider stepping down as head of Slovakia's central bank early to allow parliament to appoint a successor before what are expected to be highly divisive elections in spring 2020, he said.
That would avoid the prospect of political wranglings leading to his post being left vacant for an extended period, as has happened in Slovenia, which has been unable to pick a new governor since March.
Bitcoin Falls, Ethereum Down 11%; Ripple Crypto Product to Go Live Next Month

Bitcoin and other cryptocurrency prices fell on Tuesday, with Ethereum and Litecoin down more than 11%. Ripple hinted that its cryptocurrency product xRapid would go live “in the next month or so.”
Bitcoin traded 3.6% lower to $6,249.9 at 12:20AM ET (04:20 GMT) on the  Bitifinex  exchange.
Ethereum  plunged  11.5% to $196.13 in the previous 24 hours.
XRP also slid 3.1% to $0.27244 on the  Poloniex  exchange, while  Lite coin  slumped 11.7% at $50.816. 
In other news, platform exchange Coinbase is planning to hire 130 employees in its New York office by the end of next year, bringing the total staff to 150. The move is part of the companies plan to target institutional investors
When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy
The U.S. dollar slipped, while the Japanese yen hovered near a two-month low on Wednesday as investors digested the latest trade news.
The US Dollar Index, which tracks the greenback against a basket of other currencies, was down 0.07% at 94.16 by 12:26AM ET (04:26 GMT).
The dollar slipped after Beijing announced on Tuesday retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.
The Trump administration previously stated that the U.S. would impose tariffs on another $267 billion of additional imports if China retaliates.
“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” Trump said on Twitter. “What China does not understand is that these people are great patriots.”
Meanwhile, the Japanese yen, which is widely considered a safe asset during periods of risk aversion, weakened to near a two-month low of 113.18 earlier in the session as markets took comfort from the fact that the new U.S. tariffs were set at 10% for now rather than the previous expected 25% tariff. The USD/JPY pair last traded at 112.35, down 0.03%.
The dollar hovered near a seven-week low against a basket of major currencies, in part as safe-haven demand for the U.S. currency ebbed on relief that tariffs the United States and China imposed on each other's goods were set at lower levels than some had feared.
The British pound stepped back from two-month highs on caution over whether the European Union and UK can reach a Brexit deal at their ongoing summit while the New Zealand dollar jumped to three-week highs on Thursday after strong domestic GDP data.
The dollar index stood at 94.554 (DXY) (=USD), near its seven-week low of 94.308 touched on Tuesday as its more risk-sensitive rivals held firmer.
The euro traded at $1.1671 (EUR=), not far from its peak in August and September around $1.1730.
The Australian dollar, seen as a proxy for China-related trades as well as a barometer of broader risk sentiment, also held at three-week highs, having gained 1.5 percent so far this week.
The Aussie was also helped by comments from Chinese Premier Li Keqiang on Wednesday that Beijing will not stoop to competitive devaluation of its currency.

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