US benchmark West Texas Intermediate (WTI) crude oil was trading around $75.55 on Wednesday (1/22). WTI prices fell as US President Donald Trump considered imposing tariffs on major trading partners and vowed to increase US oil and gas production.
Trump declared a national energy emergency on Monday and used the authority to quickly approve new oil, gas and power projects that typically take years to obtain permits. This raised concerns about higher US production in a market that is widely expected to be oversupplied this year.
Trump also said he was considering imposing 25% tariffs on Canada and Mexico while discussing imposing 10% tariffs on Chinese imports on February 1. Tariffs have the potential to slow economic growth and put selling pressure on the black gold.
The US Energy Information Administration (EIA) said on Tuesday that oil prices are expected to decline this year and next as weak economic activity and energy transition efforts weigh heavily on the US and China. "Strong global growth in petroleum and other liquids production and slower demand growth weighed on prices," EIA economists said. (AL)
Source: FXStreet
Oil prices were steady on Tuesday (October 7th) as investors assessed a smaller-than-expected OPEC+ production increase in November amid expectations of oversupply. Brent crude futures fell 9 cents, ...
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices. West Texas Intermediate traded...
WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saud...
Oil prices rose more than 1% on Monday after OPEC+ only raised November production by 137,000 bpd, a smaller increase than would have affected the market. At 08:08 GMT, Brent rose 1.2% to $65.33 per b...
OPEC+ is once again playing it cautiously. For the second consecutive month, the world's largest oil producer group only increased supply by 137,000 barrels per day—a figure significantly lower than m...
Gold price rallied during the North American session and reached a record high of $3,991, before settling closer to $3,982 for a 0.60% gain. Uncertainty about the US government shutdown and expectations of lower interest rates the Federal Reserve...
US stocks retreated from record highs on Tuesday as investors weighed the ongoing government shutdown against hopes for AI-driven growth. The S&P 500 fell 0.4% for the first time in 8 days, the Nasdaq lost 0.8%, and the Dow fell 99 points,...
European stock markets edged mostly lower on Tuesday, as investors kept tabs on ongoing political turbulence in France and the United States that threatened to dampen enthusiasm around artificial intelligence dealmaking. The pan-European Stoxx 600...
Asian stocks surged to new highs, led by Japan's Nikkei 225, which surged more than 4% following the election of pro-stimulus lawmaker Sanae...
The S&P 500 and Nasdaq Composite closed at record highs on Monday, spurred by optimism about increased mergers and acquisitions activity after...
Hamas officials were in Egypt on Monday (October 6th) ahead of talks with Israel that the US hopes will lead to an end to the war in Gaza and the...
Euro Area Stock MarketEuropean stocks closed mostly lower on Monday as fresh political turmoil in France rekindled concerns of fiscal instability...