Oil Rises as Saudis Increase Prices Amid Iran Export Uncertainty

---

Oil rose after Iran’s accord with world powers left the timing of more crude exports from the OPEC member uncertain and as Saudi Arabia increased pricing in a sign of demand.

Futures climbed as much as 2.5 percent in New York. The preliminary agreement outlined Thursday signals the Persian Gulf nation may be able to boost overseas shipments within months of a final deal that negotiators aim to conclude in June. Saudi Arabia, the world’s largest crude exporter, raised pricing for all May sales to Asia, after the country’s oil minister said global demand is improving.

An increase in exports from Iran would threaten a potential price recovery after a supply glut drove oil almost 50 percent lower in 2014. State-owned Saudi Arabian Oil Co., which cut pricing to Asia earlier this year to compete with cargoes from Latin America, Africa and Russia, narrowed the discount for its Arab Light grade to Asia to the least since December.

West Texas Intermediate for May delivery rose as much as $1.21 to $50.35 a barrel in electronic trading on the New York Mercantile Exchange and was at $50.20 at 9:25 a.m. Seoul time. The contract lost 95 cents to $49.14 on Thursday. The volume of all futures traded was about 12 percent below the 100-day average. The exchange was closed April 3 for the Good Friday holiday.

Brent for May settlement added as much as $1.05, or 1.9 percent, to $56 a barrel on the London-based ICE Futures Europe exchange. It slipped $2.15 to $54.95 on Thursday. The European benchmark crude traded at a premium of $5.84 to WTI.

The U.S. and European Union would lift economic sanctions against Iran if the International Atomic Energy Agency verifies Iran’s compliance with curbs on its nuclear program, under the accord.

Source : Bloomberg

Gold Advances to Week-High as U.S. Jobs Data Clouds Rate Outlook

---

Gold climbed to the highest level in more than a week as data showing the weakest U.S. hiring additions in more than a year clouded the outlook for interest-rate increases. Platinum rose to a one-month high.

Bullion for immediate delivery increased as much as 1 percent to $1,218.92 an ounce, the highest since March 26, before trading at $1,218.69 by 8:54 a.m. in Singapore, according to Bloomberg generic pricing. Markets in Australia, China and Hong Kong are closed on Monday.

Gold added 2.9 percent this year as investors assessed data for clues on when the Federal Reserve may raise rates. Fed Chair Janet Yellen and her colleagues last month opened the door to an interest-rate increase as soon as June, while also suggesting in forecasts that September may be a more likely time. Minutes of the Fed’s March meeting due Wednesday may give more clarity on the central bank’s approach.

American companies added 126,000 positions in March, the least since December 2013, according to the Labor Department on Friday. The Bloomberg Dollar Spot Index fell for a fourth day on Monday, set for the longest losing streak in nine months.

Gold for June delivery added 1.5 percent to $1,218.40 an ounce on the Comex, while silver for immediate delivery climbed 0.3 percent to $17.118 an ounce.

Spot platinum gained as much as 2.1 percent to $1,180, the highest since March 6, before trading at $1,178.50. Palladium rose 2.5 percent to $764.30 an ounce, the biggest advance since March 18.

Source : Bloomberg

Japan Shares Slide After U.S. Jobs Data as Exporters Fall on Yen

---

Japanese stocks fell after data showed the weakest U.S. employment growth in more than a year, sending the yen higher and spurring declines in the nation’s exporters.

The Topix index lost 0.7 percent to 1,552.48 as of 9:00 a.m. in Tokyo after advancing 0.7 percent last week. The Nikkei 225 Stock Average retreated 0.7 percent to 19,291.05. The yen added 0.1 percent to 118.84 per dollar after strengthening 0.6 percent Friday as the jobs report showed employers added 126,000 workers in March, the fewest since December 2013.

The 126,000 increase in jobs was weaker than the most pessimistic forecast in a Bloomberg survey and followed a 264,000 gain a month earlier that was smaller than initially reported, the Labor Department said. The median forecast in a Bloomberg survey of economists was for a 245,000 advance.

Source : Bloomberg