Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday. The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group,...
Oil prices moved higher for a third day on Friday with traders seeing solid summer demand amid falling U.S. inventories even as supply is on the rise. West Texas Intermediate crude oil for August delivery was last seen up US$0.55 to US$65.79 per barrel, while August Brent crude was up US$0.52 to US$68.25. The rise comes as the market calms after the end of the 12-day war between Israel and Iran collapsed a risk premium for the commodity, sending prices down 14% from a five-month high and returning oil to the narrow range it has stuck to for most of the past two months. However Wednesday's...
Silver price slides over 2% to near $35.85 during European trading hours on Friday. The white metal faces a sharp selling pressure due to improvement in trade relations between the United States (US) and China and no signs of Israel-Iran truce violation. During the European trading session, a spokesperson from the Chinese Ministry of Commerce confirmed that Beijing has agreed to expedite exports to rare earths to the US, while Washington will revoke non-tariff barriers. On Thursday, US Commerce Secretary Howard Lutnick also confirmed that China is going to "deliver rare earths to us" and...
Gold fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited U.S. inflation data for clues on the future trajectory of interest rates. Spot gold lost 1.3% to $3,283.56 per ounce by 0839 GMT, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. U.S. gold futures fell 1.6% to $3,295.70. The Iran-Israel ceasefire, brokered earlier this week by U.S. President Donald Trump, is holding for now. A White House official said on Thursday that the...
The U.S. dollar edged marginally higher Friday ahead of the release of key inflation data, but remained close to multi-year lows, on course for hefty weekly losses on expectations of lower interest rates and reduced geopolitical and trade tensions. At 04:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose marginally to 96.770, remaining close to its lowest level since March 2022, on track for a 1.5% decline in June, its sixth straight month in the red. Dollar has further downside Signs of stabilization in the Middle East, with the...
The Pound Sterling (GBP) holds onto gains near a fresh three-year high around 1.3770 against the US Dollar (USD) during European trading hours on Friday. The GBP/USD pair clings to gains as the US Dollar struggles to gain ground due to a sharp deterioration in its safe-haven demand, following tensions between United States (US) President Donald Trump and Federal Reserve (Fed) Chair Jerome Powell over the monetary policy status. At the time of writing, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to hold the fresh three-and-a-half-year...
Oil prices headed for their steepest weekly decline since March 2023 on Friday, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 36 cents, or 0.53%, to $68.09 a barrel by 0637 GMT while U.S. West Texas Intermediate crude gained 33 cents, or 0.51%, to $65.57. That put both contracts on course for a weekly fall of about 12%. The benchmarks are now back at the levels they were at before Israel began the conflict by firing missiles at Iranian military and nuclear targets on June 13. This week began with...
Gold declined toward $3,280 per ounce on Friday, hitting its lowest level in four weeks, as fading geopolitical risks and easing fears of a prolonged trade conflict dented safe-haven demand. The US and China finalized the details of their London trade deal, which will implement the Geneva consensus. Under the agreement, China will approve export applications for controlled goods, while the US will lift various trade restrictions. This followed the White House downplaying the urgency of upcoming tariff deadlines, suggesting they could be extended and further easing trade...
Silver (XAG/USD) prices are trading lower after posting gains in the previous two sessions, trading around $36.50 per troy ounce during Asian hours on Friday (6/27). The decline in precious metals, including Silver, could be restrained by renewed concerns over the independence of the US Federal Reserve (Fed). US President Donald Trump called Federal Reserve Chairman Jerome Powell "terrible" in The Hague on the sidelines of a NATO summit and said he has several potential successors in mind. "I know of three or four people I'm going to pick." Trump could undermine Powell's authority by...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....