Oil prices dropped to their lowest in more than four years on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a rising supply outlook. Brent futures lost $2.38, or 3.79%, to $60.44 a barrel as of 0423 GMT. U.S. West Texas Intermediate crude futures fell $2.46, or 4.13%, to $57.12. Both contracts touched their lowest level since February 2021. The six-month spread for Brent slumped to 79 cents, its lowest level since mid-November, as the market was seen moving into a potential surplus. The spread has...
Gold prices climbed nearly 2% on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade and recession jitters intensified. Spot gold was up 1.9% at $3,038.54 an ounce, as of 0700 GMT. U.S. gold futures rose 2.2% to $3,056.60. Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the...
The Australian Dollar (AUD) halted its three-day losing streak against the US Dollar (USD) on Wednesday, supported by comments from US President Donald Trump suggesting a willingness to negotiate with trade partners. Trump's remarks boosted optimism for a potential easing of global trade tensions. The AUD faced headwinds as market volatility remains elevated after the US imposed an expected additional 50% tariff on Chinese imports, particularly as Australia maintains strong economic ties with China. Beijing denounced Trump's latest threat as "blackmail" and vowed to safeguard its...