Oil prices swooned and settled close to to multi-month lows after reports of OPEC+ plans to proceed with output increases in April and news of U.S. tariffs on Canada, Mexico and China as well as Beijing's retaliatory tariffs. Brent futures settled 58 cents lower, or 0.8%, at $71.04 a barrel. The session low was $69.75 a barrel, its lowest since September. U.S. West Texas Intermediate (WTI) crude fell 11 cents a barrel, or 0.2%, at $68.26. The benchmark previously dropped to $66.77 a barrel, the lowest since November. OPEC+, the Organization of the Petroleum Exporting Countries and allies...
Gold price climbs amid a soft US Dollar (USD) as the trade war between the United States (US), Canada, Mexico and China escalates with new tariffs taking effect on Tuesday. Therefore, the plunge of the USD underpins the precious metal. The XAU/USD is trading at $2,918, gaining 0.62%. Market sentiment remains downbeat after 25% tariffs on Canada and Mexico and an additional 10% duties in China took effect around midnight. Consequently, traders seeking safety pushed Bullion prices higher on increased demand, while the Greenback dropped across the board. Source: FXStreet
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.65 during the early Asian session on Wednesday. The WTI price attracts some sellers amid geopolitical concerns, the OPEC+ production increase announcement and US tariffs on Canada, Mexico and China. On Monday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, said it will proceed with a plan to increase oil production from April. This increase follows a series of output cuts made by OPEC+ to stabilize the market. "The change in OPEC strategy looks like they are...