Oil prices edged higher Thursday, benefiting from signs of healthy U.S.demand, while traders assessed the potential impact on supply from U.S. tariffs as well as Ukraine peace talks. At 08:30 ET (12:30 GMT), Brent oil futures for October rose 0.5% to $67.19 a barrel and West Texas Intermediate crude futures gained 0.5% to $64.66 a barrel. Both benchmarks slid about 1% on Wednesday, touching their lowest in eight weeks. U.S. crude stocks fall Crude prices have pushed higher after the Energy Information Administration said on Wednesday that U.S. crude oil stockpiles fell by 3 million...
Gold price (XAU/USD) struggles to break above $3,400.00 after testing this key level early Thursday. The precious metal hesitates to extend upside even as Federal Reserve (Fed) officials have shown support for interest rate cuts in the remainder of the year. On Wednesday, Minneapolis Fed President Neel Kashkari, San Francisco Fed President Mary Daly and Fed Governor Lisa Cook argued in favor of reducing interest rates amid growing labor market concerns. "The economy is slowing and the Fed needs to respond to the slowing economy," Kashkari said in an interview with CNBC. Kashkari added, "It...
Silver rose above $38 per ounce on Thursday, reaching its highest level in over a week as expectations for Federal Reserve rate cuts intensified amid signs of a softening US labor market. Investors now await the latest weekly jobless claims data for further confirmation. Adding to the dovish outlook, President Donald Trump is expected to nominate a successor to outgoing Fed Governor Adriana Kugler by the end of the week and has shortlisted four candidates to replace Fed Chair Jerome Powell. Geopolitical tensions also supported safe-haven demand. Trump announced a doubling of tariffs on...