Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, both are still headed for a weekly decline of around 2%. The trigger is rising global supply. OPEC+ production rose slightly after several key members resumed supply, coupled with increased output from Brazil and the US. WTI has weakened by around 17% so far this year. Last month, the International Energy Agency (IEA) also predicted that next year's oversupply would reach a record, even greater...
Gold strengthened in the Asian session as signs of a fragile US economy emerged. US companies reported plans to cut more than 150,000 jobs last month—nearly triple the number in September—according to consultancy Challenger, Gray & Christmas. This data added to market concerns and boosted interest in safe-haven assets. Meanwhile, the US government shutdown entered its 37th day. Its impact is becoming increasingly noticeable: the Federal Aviation Administration (FAA) ordered a 10% reduction in traffic at 40 airports. This policy reinforced signals of slowing activity and dampened risk...
Silver is trading in a high range (the December COMEX contract is around $48–49/oz) as risk-off sentiment spreads and the US dollar weakened. The sharp rise in Challenger job losses in October boosted market confidence that the Fed could cut interest rates sooner, boosting interest in the precious metal. However, silver's rally has tended to be more subdued than gold's because silver is also highly dependent on the industrial cycle. From a fundamental perspective, the medium-term market balance remains tight: The Silver Institute expects a continued supply deficit into 2025, despite...