Silver futures tilted lower in American trade away from September 4 highs, as the dollar index rebounded from July 31 lows, following earlier data from the US, the world's largest economy. 

As of 05:54 GMT, silver futures due in December fell 0.30% to $14.18 an ounce, while the dollar index rose 0.22% to 94.68 against a basket of major rivals. 

An index tracking US housing sector steadied at 66 with no change from the previous reading. 

Otherwise, the White House announced new 10% tariffs on $200 billion worth of Chinese imports, to be increased to 25%, after the US already imposed 25% tariffs on $50 billion worth of Chinese imports, with China retaliating with tariffs on $60 billion worth of US products. 

President Donald Trump threatened to impose new tariffs on $267 billion worth of Chinese imports if Beijing retaliated to the latest ones. 

US trade secretary Wilbur Ross said China "is out of bullets" to retaliate against US tariffs, noting that the measures are intended to change Chinese behavior, with close studying to guarantee limited increases to inflation. 

Oil futures rose over one percent in American trade while the dollar index plumbed July 31 lows, following earlier data from the US, the world's largest energy consumer, and after remarks by several global oil officials. 

As of 04:34 GMT, US crude futures due in October rose 1.13% to $69.69 a barrel, while Brent November futures climbed 1.06% to $78.88 a barrel, as the dollar index traded mostly flat at 94.49, marking seven-week lows. 

An index tracking US housing sector steadied at 66 for the day, hours before data on housing starts and building permits. 

The White House announced new 10% tariffs on $200 billion worth of Chinese imports, to be increased to 25%, after the US already imposed 25% tariffs on $50 billion worth of Chinese imports, with China retaliating with tariffs on $60 billion worth of US products. 

President Donald Trump threatened to impose new tariffs on $267 billion worth of Chinese imports if Beijing retaliated to the latest ones. 

US trade secretary Wilbur Ross said China "is out of bullets" to retaliate against US tariffs, noting that the measures are intended to change Chinese behavior, with close studying to guarantee limited increases to inflation. 

Oil Officials Talk Cooperation 

OPEC General Secretary Muhammad Barkindo said producers inside and outside OPEC are seeking a long-term cooperation frame by next December, to continue supporting the market in the way they did in the past year. 

Barkindo asserted the strength of oil demand even as some headwinds weigh on them, adding that OPEC should work to extend the deal to cut global output in cooperation with others, mainly Russia. 

Otherwise, Russian energy minister Alexander Novak said the current range of $70-$80 for oil prices is only temporary, due to fears over supply shortages as the US sanctions Iranian oil exports by next November, adding that analysts expect prices to below towards $50 in the long term. 

On another note, Saudi oil minister Khalid Al Falih said the oil market remains in good shape despite concerns about sanctions on Tehran, and mounting US-China trade tensions. 

He added that Saudi Arabia is looking to diversify energy sources and invest more in nuclear and renewable energy. 

IEA Releases Monthly Report 

Last week, the International Energy Agency reported that risks for demand outlook in 2019 are still ongoing, such as weakness in emerging economies due to currency and trade issues, however the impact remains limited, with expectations prices will surpass $80 a barrel if producers didn't ramp up production to compensate drops in Iranian and Venezuelan output. 

The EIA expects global demand in the current quarter at 100.3 million bpd, before receding by a million bpd in 2019, while reporting that supplies reached a record 100 million bpd last month. 

OPEC took the lion share as usual at 32.62 million bpd, the highest in nine months despite cuts in Iranian and Venezuelan production, while US output slipped 100 thousand bpd to 10.9 million bpd. 

US Oil Rig Count 

Baker Hughes, a US oil services company, reported an increase of 7 rigs in the oil rig count to a total of 867 rigs. 

Sterling tilted higher in American trade to July 31 highs against the greenback as markets await the next development in the Brexit saga, and following housing data from the US. 

As of 04:18 GMT, GBP/USD rose 0.04% to 1.3162, with a session-low at 1.3119, and a seven-week high at 1.3172. 

UK Brexit minister Dominic Raab said "it's the EU's turn to compromise on Brexit" in earlier remarks, adding there's a good chance to reach a deal, but the EU has to see that as well. 

As for the Irish border issue, he acknowledged barriers there and the need for more flexibility to settle on a solution, while ruling out EU's proposals to keep Northern Island in the single market and the customs union.  

On the same issue, London mayor Sadiq Khan criticized the way May's government have been handling Brexit negotiations, calling for the government to conduct a second referendum on the issue. 

Otherwise, an index tracking US housing sector steadied at 66 for the day, and ahead of data on housing starts and building permits. 

Euro tilted higher in American trade to August 28 highs against the greenback, after European Central Bank President Mario Draghi called for more measures to remove bad loans for European banks in earlier remarks.

As of 03:59 GMT, EUR/USD rose 0.08% to 1.1692, with a three-week high at 1.1724, and a session-low at 1.1667. 

European Council President Donald Tusk called on the 28 EU members to hold an emergency meeting to hammer out a Brexit deal before the deadline, so that Britain can have an organized exit by March 19. 

On another note, European trade commissioner Cecilia Malmström called the latest US tariffs on Chinese products a regrettable escalation of the ongoing trade war between the world's two largest economies, adding that trade wars entail widespread damages. 

Otherwise, an index tracking US housing sector steadied at 66 for the day, hours before data on housing starts and building permits. 

The White House announced new 10% tariffs on $200 billion worth of Chinese imports, to be increased to 25%, after the US already imposed 25% tariffs on $50 billion worth of Chinese imports, with China retaliating with tariffs on $60 billion worth of US products. 

President Donald Trump threatened to impose new tariffs on $267 billion worth of Chinese imports if Beijing retaliated to the latest ones. 

US trade secretary Wilbur Ross said China "is out of bullets" to retaliate against US tariffs, noting that the measures are intended to change Chinese behavior, with close studying to guarantee limited increases to inflation.