WTI crude oil futures fell below $61 per barrel on Friday, heading for its first weekly decline in three, pressured by the potential for OPEC+ to raise crude production. The group is reportedly considering a third consecutive monthly increase in output quotas, possibly adding 411,000 bpd in July, though no agreement has been finalized. This adds to growing oversupply concerns, following an unexpected rise in US crude stockpiles earlier in the week. Data from The Tank Tiger also showed that US crude storage demand has recently surged to levels last seen during the COVID-19 pandemic, as...
The dollar index fell to around 99.6 on Friday and was set to lose more than 1% for the week, weighed down by concerns over the US fiscal outlook. President Trump's new budget bill, which includes tax cuts and increased defense spending, has raised concerns that it could further inflate the US national debt. The Congressional Budget Office estimates the bill will add nearly $4 trillion to the national debt, fueling fears of long-term fiscal instability. These concerns were compounded by Moody's recent downgrade of the US credit rating from Aaa to Aa1, citing ballooning deficits and the...
The Japanese yen strengthened to around 143.6 per dollar on Friday and was set to advance more than 1% for the week, underpinned by hotter-than-anticipated inflation data. Japan's core inflation rate accelerated more than expected to 3.5%, the highest in over two years. This reinforces expectations that the Bank of Japan will continue tightening monetary policy in response to sustained inflationary pressures. Meanwhile, the headline inflation rate remained steady at 3.6%. The yen also benefited from a general weakness in the dollar amid concerns about the US fiscal outlook. Elsewhere,...