Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more "noise" than signals of a short-term surplus. As of 3:50 PM WIB, Brent was at $69.60/barrel (+0.29%) and WTI was at $64.83/barrel (+0.31%). The gains were moderate, but enough to keep prices near the psychological $70 level for Brent. From a geopolitical perspective, market focus is on the potential for escalation in the Middle East. Recent reports...
The EUR/USD retreats a minimal 0.10% on Wednesday as developments about the Federal Reserve's independence dissipated, while the French Prime Minister Bayrou called for a confidence vote. At the time of writing, the pair trades at 1.1631, after hitting a daily high of 1.1647. The narrative in the financial market remains unchanged, with the White House exerting pressure on the Federal Reserve following Trump's firing of Fed Governor Lisa Cook. Good data in the United States (US) on Tuesday, reflected on an uptick in Durable Goods Orders and the Conference Board (CB) Consumer Confidence,...
Gold price remains steady on Wednesday, even though the Greenback recovered from earlier losses triggered by threats to the Federal Reserve's (Fed) independence. Nevertheless, Bullion sellers are not out of the woods as pressure from the White House continues. The XAU/USD trades at $3,397, up 0.12%. The US economic docket remains light, except for remarks of New York Fed President John Williams, who said that rates can fall at some point but emphasized that only data would indicate if it is appropriate to reduce rates, based on the economy's performance. In a CNBC interview, Williams added...
Oil prices rose on Wednesday on a larger-than-expected drop in U.S. crude inventories and the potential impact of new U.S. tariffs on India. Brent crude futures were up 55 cents, or 0.8%, at $67.77 a barrel by 12:10 p.m. ET (1710 GMT). West Texas Intermediate crude futures gained 62 cents, or 1%, to $63.86. Both contracts fell by more than 2% on Tuesday. U.S. crude inventories dropped by 2.4 million barrels to 418.3 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 1.9-million-barrel draw. U.S. gasoline...
Gold edged lower on Wednesday morning as the dollar strengthened, even amid concerns over US President Donald Trump's move to take over control of the Federal Reserve Board, which continues to encourage safe-haven asset purchases. December gold last traded down US$4.00 at US$3,429.00, down from its highest level since August 8. Trump said on Monday he would fire Federal Reserve Chair Lisa Cook, as he continues to pressure the central bank to lower interest rates despite rising inflation. Cook was appointed to the Fed Board by Joe Biden and is the first African-American woman to hold the...
Oil prices rose slightly on Wednesday morning after the United States imposed high secondary tariffs on India to curb Russian oil imports, despite a report showing a smaller-than-expected decline in U.S. crude inventories last week. West Texas Intermediate crude for October delivery last week rose US$0.24 to US$64.49 per barrel, while Brent crude for October rose US$0.20 to US$67.42. The Trump administration followed through on its threat to impose a 50% tariff on most U.S. imports from India to curb Russian oil imports. The tariffs took effect just after midnight on Wednesday, doubling...
Gold prices weakened on Wednesday (August 27th) as the dollar strengthened and some investors booked profits from the more than two-week peak reached in the previous session. Spot gold prices fell 0.3% to $3,382.31 per ounce, as of 08:11 GMT. US gold futures for December delivery fell 0.1% to $3,430.80. The dollar index rose about 0.4% against a basket of currencies, making dollar-priced bullion more expensive for holders of other currencies. "(Gold) prices move faster than an arrow, with the direction of movement determined by the dollar. The current weakness in gold prices is likely due...
The dollar strengthened against the euro and the pound sterling on Wednesday (August 27), but investor concerns over the Fed's independence persisted, potentially limiting the US currency's gains. The euro weakened about 0.4% to $1.1593 and the pound weakened 0.3% to $1.3441, giving back some of the gains sparked by Trump's announcement on Monday that he would fire Fed Chair Lisa Cook over alleged irregularities in obtaining mortgage loans. Cook's lawyer later said he would file a lawsuit to prevent her dismissal, potentially triggering a protracted legal battle. Trump's unprecedented...
Oil prices held steady on Wednesday (August 27th), after falling in the previous session, as investors monitored the latest developments in the Ukraine war and weighed industry reports showing a decline in US crude inventories. US special envoy Steve Witkoff said on Tuesday that he would meet with Ukrainian representatives in New York this week, adding that Washington was also negotiating with Russia to try to end the war. Brent crude futures fell 4 cents to $67.18 a barrel at 08:20 GMT, while West Texas Intermediate (WTI) crude futures fell 3 cents to $63.22. Both contracts fell more than...
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....