Oil prices were steady on Thursday as investors digested a report that OPEC+ is discussing increasing output for July, fueling concerns that global supply could outpace demand growth. Brent crude futures fell 47 cents, or 0.72%, to settle at $64.44 a barrel. U.S. West Texas Intermediate crude was down 37 cents, or 0.6%, at $61.20. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported. A 411,000-barrel-per-day increase for July is...
Gold prices fell about 0.48% on Thursday (5/23) and failed to hold the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%. Market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add $4...
The Australian dollar (AUD) was under pressure again on Thursday (5/22) as the US dollar (USD) found its footing, with risk appetite fading and broader markets leaning towards the defensive. A strong surge in the US Dollar Index (DXY) weighed on the AUD, pushing AUD/USD down to 0.6415, a key support level that has acted as a floor in recent sessions. At the time of writing, the pair was trading around 0.6418, hovering just above its intraday low as sellers tested the resolve of near-term support. US dollar buoyed by strong data, but longer-term risks loom The Aussie's decline reflects...