Oil prices are headed for a second weekly decline as concerns over a growing oversupply outweigh geopolitical risks to supply. Brent crude edged up to $60 a barrel on Friday but is still down about 2% for the week, while West Texas Intermediate is trading near $56 a barrel. Ukraine attacked an oil tanker linked to a shadowy Russian fleet in the Mediterranean Sea, a new escalation in a series of attacks on ships that help Moscow export oil. Despite these risks, nearly all of the world's largest traders see the market in oversupplied territory by early next year, with industrial giant...
The United States and European Union have reached a landmark trade agreement that includes a 15% tariff on EU goods entering the U.S., President Donald Trump announced Sunday while in Scotland. The broad-strokes deal encompasses significant EU purchases of U.S. energy and military gear, along with substantial investments in the American economy. According to Trump, the European Union has committed to purchasing $750 billion worth of energy from the United States. He also stated that the EU has agreed to make $600 billion in investments in the U.S. "They are agreeing to open up their...
European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both sides aim to reach a trade deal before the August 1 deadline when 30% tariffs on the bloc's exports are due to take effect. After months of negotiations and back-and-forth diplomacy between Brussels and Washington, D.C., the two sides have zeroed in on a deal last week that will see the EU face 15% tariffs on most of its trade. Limited exceptions are expected to apply to aviation, some medical devices and generic drugs, some alcoholic beverages,...
US President Donald Trump is unlikely to follow through on his threat to impose 100% tariffs on countries buying Russian oil, as it would exacerbate politically damaging inflationary pressures. Similar threats against Venezuelan oil buyers have also met with limited success, particularly in China. This month, Trump said he would impose 100% secondary tariffs on countries buying Russian exports unless Moscow agrees to a major peace deal with Ukraine within 50 days, a deadline that expires in early September. The threat mirrors the March announcement that the US would impose tariffs on...
Orders placed with US factories for business equipment unexpectedly declined in June, suggesting companies remained cautious about capital spending due to trade and fiscal policy uncertainty. The value of core capital goods orders, a proxy for investment in equipment excluding aircraft and military hardware, decreased 0.7% last month after an upwardly revised 2% gain in May, Commerce Department figures showed Friday. Bookings for all durable goods — items meant to last at least three years and including orders for commercial aircraft and military equipment — fell...
UK retail sales rose 0.9% month-over-month in June 2025, rebounding from a revised 2.8% drop in the previous month but missing market expectations of a 1.2% gain. It marked the fourth increase so far this year. Food store sales volumes gained 0.7%, reversing a 5.4% decline in May, supported by improved supermarket sales, particularly beverages, amid warm weather. Automotive fuel sales jumped 2.8%, the largest monthly rise since May 2024, also helped by favorable weather. Online sales (non-store retailers) rose 1.7%, reaching their highest level since February 2022. Meanwhile, non-food...
President Donald Trump locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates. Trump, who called Powell a "numbskull" earlier this week for failing to heed the White House's demand for a large reduction in borrowing costs, wrapped up his visit to the Fed's $2.5 billion building project in Washington by saying he did not intend to fire Powell, as he has frequently suggested he would. "To do so is...
US President Donald Trump visited the Federal Reserve (Fed) headquarters in Washington, D.C., on Friday (July 25th). President Trump recently turned his attention to criticizing the long-planned renovation of the Fed headquarters. Trump, who oversaw a comprehensive renovation of the White House interior, adding gold accents, claimed that the Fed renovations represent an unnecessary expense for U.S. taxpayers in an attempt to further narrow the gap between the executive branch's ability to control the U.S. central bank, which is currently beyond the President's broad reach. During Trump's...
Donald Trump will visit the Federal Reserve on Thursday (July 24th) to inspect a construction site he has criticized for cost overruns amid his escalating attacks on Fed Chairman Jerome Powell for not cutting interest rates. The White House announced the visit in Trump's daily public schedule, stating, "THE PRESIDENT visits the Federal Reserve" at 4:00 p.m. In recent days, Trump has said he does not plan to fire Powell before the end of his term, but has not completely ruled out firing the central bank chief over his handling of the Fed's $2.5 billion renovation project. "This guy is...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....