Oil fell as weak U.S. economic data and concerns about rising supplies eroded risk sentiment from a court ruling blocking most Trump administration tariffs. West Texas Intermediate fell as much as 2.1% to trade near $61 a barrel after Interfax quoted Kazakhstan as saying OPEC+ would raise output at its meeting on Saturday, with the size of the increase still to be decided. The broader market eased from earlier highs on data showing the U.S. economy shrank at the start of the year, further pressuring commodities. Crude had earlier rallied after a trade court blocked a range of President...
Gold prices rebounded from a weekly low of $3,245 and climbed past $3,300 on Thursday, helped by a weaker US jobs report, as markets cheered a US court's decision to block US President Donald Trump's tariffs. At the time of writing, XAU/USD was trading at $3,318, up 0.94%. The US Labor Department revealed that the number of Americans filing for unemployment benefits exceeded estimates and the previous week's report. The report adds pressure on the Federal Reserve (Fed) to ease policy as the risk of high unemployment has increased. This, along with confirmation of a contraction in US Gross...
Oil prices fell more than 1% on Thursday, retreating from earlier gains, as investors weighed the potential impact of a US court ruling blocking President Donald Trump's most sweeping tariffs. The market was also watching for potential new US sanctions curbing Russian crude flows and a decision by OPEC+ to raise output in July. Brent crude futures settled down 75 cents, or 1.2%, at $64.15 a barrel. U.S. West Texas Intermediate crude fell 90 cents, or 1.5%, to $60.94 a barrel. Prices had earlier risen after a US court ruled Wednesday that Trump had exceeded his authority by imposing...