Oil rose as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China. Brent climbed toward $67 a barrel after sliding 2% on Wednesday, while West Texas Intermediate was around $63. The dollar weakened, making commodities priced in the currency more appealing. Growing strain within OPEC+, particularly with perennial overproducer Kazakhstan, has stoked fears that output will continue to rise at a faster-than-advertised pace over the coming months. The Organization of the Petroleum Exporting Countries and its allies will hold...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades lower, roughly 0.60% on Thursday. The knee-jerk reaction originates from United States (US) President Donald Trump and US Treasury Secretary Scott Bessent. Both individually said that no unilateral offer was made to China from the US to lower tariffs, while Trump said that reciprocal tariffs could be revisited if negotiations are not going the way the Trump administration wants them to go, Bloomberg reports. On the economic calendar front, Durable Goods is painting a very...
Gold prices rose Thursday, on renewed demand from investors in the wake of the recent selloff. At 10:25 ET (14:25 GMT), Spot gold rose 0.9% to $3,317.19 an ounce, while gold futures expiring in June rose 1.1% to $3,329.65/oz. Gold had fallen from record highs this week after U.S. President Donald Trump raised the prospect of eventually reducing steep trade duties on China. But a lack of clarity on Trump's comments, coupled with less optimistic statements from other officials, made gold's fall short-lived. Traders remained cautious towards the dollar and Treasuries, keeping gold and the...