Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses from earlier this week after the U.S.' incursion into Venezuela spurred bets on a broad lifting of sanctions against the country's oil industry. Such a move could release tens of millions of barrels of supply back into markets. While heightened geopolitical uncertainty saw traders price in some risk premium, oil remained largely on the backfoot amid growing concerns over a supply glut in 2026....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This slight increase occurred as traders weighed the US's purported plan to control Venezuelan oil sales going forward. This meant more than just sanctions, but also the question of who would "regulate" the flow of Venezuelan oil to the market. US Energy Secretary Chris Wright stated that the US government would begin by offering stored crude oil, then move on to selling Venezuelan oil supplies. The...
Gold prices are holding steady after dropping nearly 1% in the previous session. The market is now holding its ground while awaiting two major events: the release of US employment data and the annual commodity index rebalancing process. On Thursday morning, gold held around US$4,460 per troy ounce. This "calm" movement is understandable, as many market participants are choosing to wait for a new direction before taking large positions. The main focus comes from the rebalancing of the global commodity index. A number of passive tracking funds are expected to begin selling precious metal...