Oil prices rose about 3% to a seven-week high on Wednesday as a surprise drop in weekly US crude inventories heightened market concerns about tighter supplies amid export problems in Iraq, Venezuela, and Russia. Brent crude futures rose $1.68, or 2.5%, to $69.31 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.58, or 2.5%, to $64.99. These were the highest closes for Brent since August 1 and WTI since September 2. US crude inventories fell a surprise 607,000 barrels last week, according to the Energy Information Administration (EIA). The figure compared with analysts'...
The USD/JPY pair strengthened near 148.80 during the early Asian session on Thursday (September 25th). The US dollar (USD) strengthened near a three-week high against the Japanese yen (JPY) due to a renewed wave of risk aversion in financial markets and a cautious tone from the US central bank. Federal Reserve (Fed) Chairman Jerome Powell struck a cautious tone regarding further easing on Tuesday, supporting the greenback. Powell said the Fed needs to continue balancing the competing risks of high inflation and a weakening labor market in its upcoming interest rate decisions. He added that...
Gold edges higher in early Asian trade amid lingering safe-haven demand. Geopolitical tensions have continued to support this demand, DHF Capital's Bas Kooijman says in an email. NATO recently described Russia's airspace violation over Estonia as part of a broader pattern of aggression, warning it would deploy "all necessary measures" to defend members, the CEO and asset manager says. Risks of a possible U.S. government shutdown next week may also be buoying the precious metal. Spot gold is 0.1% higher at $3,740.58/oz. Source: Dowjonesnewswires.com