Gold prices fell more than 1% on Monday, pressured by a stronger dollar and diminishing expectations of a US interest rate cut next month, as investors awaited delayed economic data this week that could provide clues about the Federal Reserve's policy direction. At the time of writing, XAU/USD was trading at $4,030, weakening throughout the trading session due to the stronger dollar and hawkish comments from Federal Reserve officials. Therefore, currency markets have priced in less than a 50% chance of a 25 basis point (bps) interest rate cut at the December meeting. As a result, the US...
Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a production surge that will keep the market in a large surplus of around 2 million barrels per day. The bank forecast Brent crude will average $56 a barrel and WTI $52 in 2026, below current forward curves of $63 and $60. "The 2025-2026 supply wave mostly results from long-cycle projects that saw Final Investment Decisions (FIDs) just before the pandemic, got delayed during Covid, and are now all coming online and from OPEC's strategic decision to unwind production cuts," the bank noted. OPEC+, or the...
Oil steadied as investors weighed the impact from an emerging surplus against US sanctions on Russia that have upended some crude flows. West Texas Intermediate traded below $60 a barrel after a modest loss in the previous session. Brent closed near $64. The price of Russia's flagship crude has plunged to the lowest level in more than two years, just days before US sanctions hit major producers Rosneft PJSC and Lukoil PJSC. Oil futures are down this year as expectations for a global glut weigh on the outlook, with the International Energy Agency forecasting a record...