GLOBAL MARKETS: Euro up on Greece deal hopes, gold off highs
SINGAPORE, July 21 (Reuters) - The euro climbed a third day on Thursday as a deal between France and Germany over a bailout of Greece raised hopes ahead of a major European summit, though investors barely moved from government bonds and precious metals.
"Judging from the current crop of headlines, the most negative outcome for the euro would be a debt rollover without additional measures," Todd Elmer, currency strategist with Citi, said in a note.
OIL: Oil gains on U.S. debt hopes, slimmer stocks
LONDON, July 20 (Reuters) - Oil rose over a dollar on Wednesday after weekly U.S. stockpiles data showed larger-than-expected drops in crude inventories, and on hopes of progress in debt talks on either side of the Atlantic.
"It looks as if the report is slightly bullish but the distillate build is weakening the report," said Gene McGillian, energy analyst at Tradition Energy, Stamford, Connecticut.
Global oil stocks release seen on halt for now
LONDON, July 20 (Reuters) - Developed nations are unlikely to release more oil on to the market in coming days, a month after the first release failed to curb oil prices to help protect the global economic recovery, officials and analysts said.
The energy watchdog for industrialised nations, the International Energy Agency, shocked oil markets last month by announcing a release of 60 million barrels of oil and products to offset the loss of Libyan production.
Italy would not block emergency IEA oil release
ROME, July 20 (Reuters) - Italy will not formally oppose a release of emergency oil stocks by the International Energy Agency (IEA) though it is not convinced by the strategy, Junior Industry Minister Stefano Saglia said on Wednesday.
A French government source said last week Italy and Germany were expected to oppose any second release of emergency oil reserves by the IEA, which needs the backing of all 28 members if it is to pour more oil into a volatile crude market.
NATURAL GAS: Natural gas ends down, heatwave limits selling
NEW YORK, July 20 (Reuters) - U.S. natural gas futures ended lower on Wednesday, as the market continued to correct after last week's gain and ahead of Thursday's inventory report despite a record heatwave this week that stirred demand.
"The heat has mostly been priced in, so the market seems to be struggling here, but it doesn't look like the weather is going to moderate anytime soon, which should keep prices somewhat supported," a Pennsylvania-based trader said.
COMMODITIES: Oil, gold, rally on overall weak day
NEW YORK, July 20 (Reuters) - Gold rose on Wednesday as worries about debt in Europe and the United States drove investors to seek a safe haven, but oil also rose because some investors were optimistic the debt problems would be resolved.
"The deal is not done, even it seems like everyone is somewhat optimistic about what is being implemented. And no one knows what's going to happen to Greece and Europe," said Phillip Streible, senior market strategist with Lind Waldock, a unit of futures broker MF Global.
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