Oil advanced, with traders weighing short-term supply risks against further signs of Chinese economic weakness. West Texas Intermediate rose 0.8% to settle near $74 a barrel, tacking on its seventh gain in the last nine sessions. Oil prices fell more than 1% on Wednesday after futures failed to breach a key technical level. Crude's strong start to 2025 has been supported by continued US inventory drawdowns and potential risks to Iranian supply in a second Donald Trump presidency. Cold weather is expected to boost demand for heating fuels this month, and Russia's seaborne crude exports...
The U.S. dollar strengthened for a third straight session on Thursday as Treasury yields dipped but held at elevated levels on concerns over tariffs under the incoming Trump administration, while sterling's recent weakness persisted. U.S. Treasury yields have been on an uptrend, with the benchmark 10-year note hitting an 8-1/2 month high of 4.73% on Wednesday as a resilient economy and likely tariffs have rekindled inflation concerns and heightened expectations the Federal Reserve will take a slower path of interest rate cuts. Recent economic data has shown a labor market on a solid...
Gold's price surged for the third straight day and edged up 0.35% due to safe-haven demand spurred by concerns over Donald Trump's proposed policies, while the United Kingdom (UK) dealt with a budget crisis. The XAU/USD trades at $2,671 at the time of writing. On Wednesday, CNN revealed that United States (US) President-elect Donald Trump might consider declaring a national economic emergency, which would provide him with a legal justification to impose tariffs on adversaries and US allies. Earlier during Thursday's overnight session, UK Gilt yields at the long end of the curve skyrocketed...