Oil prices edged higher on Thursday (November 6), boosted by easing concerns over a potential oversupply as sanctions against Russian companies began to take effect. After closing at a two-week low in the previous session, Brent crude futures rose 65 cents, or 1%, to $64.17 a barrel at 09:20 GMT, while U.S. West Texas Intermediate crude rose 73 cents, or 1.2%, to $60.33. Recent sanctions against Russia's largest oil companies two weeks ago raised concerns about supply disruptions, despite rising production from OPEC and its allies, analysts said. Lukoil's overseas operations are...
Silver held around $48.1 per ounce on Thursday, steadying after recent gains as investors digested stronger-than-expected US economic data. The ADP report showed that private employers added 42,000 jobs in October, exceeding forecasts and underscoring labor market resilience, while the ISM Services PMI climbed to an eight-month high. Signs of economic strength reinforced expectations that the Federal Reserve will move cautiously on further rate cuts, though the ongoing US government shutdown has delayed key data releases. Markets now price in a 62% chance of a 25 bps rate cut in December,...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from an intraday high of $4,019 as bullish momentum stalls. Gold's downside remains cushioned as the ongoing United States (US) government shutdown keeps markets on edge. The political deadlock is raising concerns over the potential economic fallout and weighing on the Greenback after a strong multi-day rally. However, Bullion's upside appears limited in the near term as both macro and technical...