Oil prices stabilized on Wednesday (November 26th) after closing at a one-month low amid White House optimism about a peace deal between Russia and Ukraine, a development that could ease Moscow's oil restrictions in an already oversupplied market. West Texas Intermediate crude oil prices hovered around $58 a barrel, with volumes likely to decline ahead of Thursday's Thanksgiving holiday in the US. Steve Witkoff, US President Donald Trump's envoy, will lead a delegation for talks in Russia next week aimed at ending the nearly four-year war, a Kremlin official said. The Ukrainian leader's...
Gold rose to around $4,160 per ounce on Wednesday (November 26), nearing a two-week high as expectations of US policy easing weakened the dollar and reduced the opportunity cost of holding bullion. Futures and currency markets now place the odds of a 25 basis point (bps) Fed rate cut in December above 80%, and reports that Kevin Hassett is the leading candidate for Fed chair reinforced expectations of further policy easing. The mix of economic data has been uneven but consistent with policy easing, with initial jobless claims surprisingly lower and durable goods orders strengthening despite...
Oil prices edged higher on Wednesday (November 26th) ahead of the US Thanksgiving holiday, as US investors assessed the prospect of a supply glut and negotiations on a Russia-Ukraine peace deal. Brent crude futures rose 42 cents, or 0.67%, to $62.9 a barrel at 2:10 PM ET (7:10 PM GMT). US West Texas Intermediate crude futures rose 50 cents, or 0.86%, to $58.45. US crude inventories rose 2.8 million barrels to 426.9 million barrels last week due to a surge in imports, according to the Energy Information Administration (EIA) on Wednesday. Analysts had expected a rise of 55,000...