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Oil prices slightly advance; concerns about crude glut remain

On Thursday, oil managed to climb, however, in the course of the day, prices recoiled and closed around 1.5% lower. TWI crude kept slipping back below $50 per barrel. On Friday, the global benchmark, Brent crude futures traded at $51.92 a barrel after climbing by 1 cent; TWI crude futures went up by 0.1% or 3 cents and traded at $48.62 a barrel. Despite the sharp fall in U.S. crude inventories, investors are still concerned about global over-supply of the black gold

Sterling drops and touches three-week low against the greenback

On account of negative trade data in the UK indicating the economic impact of the Brexit process, the British pound have collapsed against the dollar and touched a three-week low. The pound was down by 0.35pct at $1.2952 by 0755 GMT.

The British currency has lost more than 13% in trade-weighted terms since 2016’s Brexit decision. The country’s trade deficit with the rest of the world remains massive. In addition, July’s slow-moving industrial output numbers also weakened the pound further. Having said that, there is still room for optimism: According to the Confederation of British Industry’s, British manufacturing was improving at the fastest rate since the mid-1990s.

Gold prices go up

Gold prices went higher by 0.5 percent closing at $1,283.28 an ounce. This is the precious metal's strongest point in two months. The geopolitical tension in the Korean Peninsula make investors go long on haven assets.

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