Oil may be headed to $80 next, says drilling pioneer Harold Hamm
By Tom DiChristopher | @tdichristopher
• U.S. crude prices could keep rallying beyond multiyear highs near $72 a barrel and eventually top $80, Harold Hamm says.
• The Continental Resources CEO says his company will use a financial windfall from higher prices to shrink its debt load.
• Hamm says North Dakota drillers like Continental have mostly worked through pipeline capacity problems plaguing frackers in West Texas.
Gold Prices Move Higher as Weaker Dollar, Trade Worries Support Demand
The dollar fell after the latest Federal Reserve meeting minutes hinted at a dovish approach to rate hikes later this year. The minutes released on Wednesday indicated central bankers are happy to let inflation run above the 2% target for a “temporary period”, signaling no rush to tighten monetary policy.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a drop in the dollar makes gold more affordable for holders of foreign currency and thus increases demand for the precious metal.
Turkish central bank raises rates sharply to prop up lira
By Daren Butler, Behiye Selin Taner
Turkey’s central bank raised interest rates by 300 basis points on Wednesday in an emergency move to put a floor under the plunging lira currency and calm investors unnerved by interventions from President Tayyip Erdogan.
The central bank, which had been scheduled to hold its next policy-setting meeting on June 7, said it had increased its top interest rate to 16.5 percent from 13.5 percent, prompting a sharp rally in the lira after it earlier tumbled 5 percent.
Investors had been betting the selloff in the lira – which has fallen about 20 percent so far this year to a series of record lows – would force the bank into action.
USDTRY is heading higher again