Oil Set for Weekly Drop as Glut Seen Persisting After OPEC Meet

Oil headed for the first weekly drop since March amid speculation OPEC will maintain its output target at a meeting on Friday, leaving the market oversupplied. Futures were little changed in New York, poised for a 4 percent decline through June 5. The Organization of Petroleum Exporting Countries will continue its battle to retain market share, according to Maria van der Hoeven, the executive director of the International Energy Agency....

Gold, Silver Decline to Four-Week Lows on Jobs Data, Fed Outlook

Gold and silver futures fell to four-week lows after a report showed fewer U.S. workers filed jobless claims, fueling concern that a firm labor market keeps the Federal Reserve on pace to raise interest rates this year. Applications for unemployment benefits decreased by 8,000 to 276,000 in the week ended May 30, a Labor Department report showed Thursday. Holdings in exchange-traded products backed by gold extended losses Wednesday...

Asian Stocks Retreat for Fifth Day as Greece Delays Debt Payment

Asian stocks fell for a fifth day, with the regional benchmark index heading for its second week of losses, following a decline in U.S. equities as Greece asked for a deferral on its debt payments. The MSCI Asia Pacific Index dropped 0.3 percent to 148.85 as of 9:01 a.m. in Tokyo, heading for a 1.7 percent decline this week amid a selloff in bonds and commodities. The Standard & Poor 500 Index dropped on Thursday as raw-material...

Japan Stocks Join Global Retreat as Greece Defers IMF Payment

Japanese stocks fell, joining a global retreat, after Greece became the first country to defer a payment to the International Monetary Fund since the 1980s as its game of brinkmanship with creditors goes down to the wire. The Topix index dropped 0.6 percent to 1,663.62 as of 9:01 a.m. in Tokyo, headed for its first weekly loss in a month. The Nikkei 225 Stock Average lost 0.5 percent to 20,396.35. The MSCI World Index fell to its lowest...

U.S. Stocks Fall Amid Commodities Slide as Greece Delays Payment

U.S. stocks declined, with the Standard & Poor’s 500 Index reaching a four-week low, as a slide in oil and metals weighed on commodities producers and Greece asked for a deferral on its debt payments.Freeport-McMoRan Inc., DuPont Co. and fertilizer maker Mosaic Co. lost at least 1.7 percent. Chesapeake Energy Corp. dropped 3.8 percent to lead the energy group lower. Verizon Communications Inc. slid 2 percent after an analyst downgrade....