Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on Thursday. The attacks have halted operations at Primorsk, the region's main oil loading port, and three pumping stations that deliver crude to the Ust-Luga hub, a source familiar with the situation said. This increased risk premium offsets the International Energy Agency's (IEA) projection for a record-breaking oil supply surplus next year. The IEA's...
Gold price retreats on Thursday during the North American session, failing to gain traction amid a session characterized by a weak US Dollar, which is testing levels last seen in February 2022. The XAU/USD trades at $3,331 and prints modest losses of 0.05%. The yellow metal is struggling to rally despite the Greenback being near three-and-a-half-year lows and US Treasury yields plunging. Solid economic data in the United States (US) kept bullion from advancing, even though market participants got slightly ahead of themselves, pricing in two rate cuts toward the end of 2025. US jobs data...
Oil prices edged higher on Thursday with investors focused on market fundamentals as crude and fuel inventories fell in the U.S. and the dollar sank to a multi-year low, while the market remained cautious about the Iran-Israel ceasefire. Brent crude futures were up 32 cents, or 0.47%, to $68 a barrel at 2:01 p.m. EDT (1801 GMT). U.S. West Texas Intermediate crude was up 55 cents, or 0.85%, to $65.47 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. Brent futures were trading below their close of...
Gold is retreating on Thursday despite persistent US Dollar (USD) weakness as traders continue to favour risk assets. With XAU/USD trading near $3,330 in the American session at the time of writing, the yellow metal continues to display signs of resiliency despite a minor pullback. The risk-on tone being adopted by global markets has continued to ripple through markets as US equity indices continue their ascent to fresh, record highs. This has limited Gold's ability to extend gains, despite a weaker Greenback. With the timing of Fed rate cuts still in question, recent data and US...
The dollar sank to a three-year low while world stocks notched their second record high in three days as a report that Donald Trump was planning to choose the next Federal Reserve chief early fuelled fresh bets on U.S. rate cuts. Dollar selling was ongoing as U.S. trading picked up pace after the Wall Street Journal said the U.S. president - who has been urging the Fed to cut rates faster - was toying with the idea of selecting Chair Jerome Powell's replacement in the next few months ahead of his formal departure next May. It left the greenback (.DXY), opens new tab down nearly 0.5% on...
Gold is regaining confidence on Thursday as the poor performance of the US Dollar (USD) becomes the dominant driver of price action. With XAU/USD trading near $3,340 in the European session at the time of writing, the yellow metal continues to display signs of resiliency. Despite a risk-on tone being adopted by global markets, declines in the Gold price have been limited. This is largely attributed to a decrease in confidence in the Greenback, which has come under scrutiny in recent months. Investors' focus has now shifted to the timing of when the Fed will begin to cut interest rates,...
Oil prices rose Thursday as a bumper draw in U.S. oil inventories turned attention onto fundamentals given signs that the Israel-Iran ceasefire was holding. At 08:15 ET (12:15 GMT), Brent oil futures rose 0.7% to $66.89 a barrel, while West Texas Intermediate crude futures rose 0.7% to $65.39 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. U.S. inventories log outsized draw for second week Government data, released on Wednesday, showed that U.S. oil inventories shrank 5.8 million barrels...
Oil prices edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in the United States. Brent crude futures rose 34 cents, or 0.5%, to $68.02 a barrel by 1055 GMT. U.S. West Texas Intermediate crude gained 35 cents, or 0.5%, to $65.27 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from losses earlier in the week after data showed resilient U.S. demand. Brent futures are trading below their close of $69.36 on June 12, the day before Israel started air strikes on...
Gold gained on Thursday as the U.S. dollar weakened due to concerns over the U.S. Federal Reserve's future independence while market focus shifted to upcoming U.S. inflation data for clues on the interest rate outlook. Spot gold rose 0.5% at $3,347.39 per ounce, as of 0851 GMT. U.S. gold futures firmed 0.5% to $3,360.90. The U.S. dollar fell, making dollar-denominated gold more attractive to holders of other currencies. U.S. President Donald Trump on Wednesday called Federal Reserve Chair Jerome Powell "terrible" and said he has three or four people in mind as contenders for the top Fed...
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....