Crude futures fall as expectations of an imminent ceasefire agreement between Israel and Hezbollah takes some Middle East risk premium out of the market. But "we have seen how ceasefires have failed to materialize in the past, so its best to take any ceasefire news cautiously," says Alex Hodes of StoneX in a note. Trade is apt to be volatile on lighter volume this week with the U.S. closed Thursday for Thanksgiving, he adds. WTI settles down 3.2%, at $68.94 a barrel, and Brent loses 2.9%, to $73.01 a barrel. Source: Marketwatch
WTI crude futures fell 3.2% on Monday, settling at $68.90 a barrel, following a report suggesting Israel and Hezbollah may be close to reaching a ceasefire deal within days. Traders cautiously viewed the news as a positive sign, but doubts persisted due to the failure of previous ceasefires. Attention also turned to escalating Ukraine-Russia tensions. In other developments, Iran announced plans to expand its nuclear fuel output following criticism from the UN atomic watchdog, preparing for potential sanctions under a possible second Trump administration. Meanwhile, Azerbaijani Energy...
Gold prices (XAU/USD) fell during the North American session on Monday (11/25) as news of a ceasefire between Lebanon and Israel spread, dampening appetite for riskier assets. This, along with the appointment of Scott Bessent as Treasury Secretary for the Trump administration, weighed on the yellow metal. XAU/USD is trading at $2,620, down more than 3%. The increased risk appetite is driving the movement in Gold prices. The non-yielding metal has fallen below its 50-day Simple Moving Average (SMA) of $2,664, opening the door for further downside. Market participants welcomed Bessent's...