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...
Oil prices were stable on Thursday as investors weighed the potential impact of Friday's U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Russia if it does not agree to peace. Brent crude futures were up 35 cents, or 0.53%, at $65.98 a barrel by 0957 GMT, while U.S. West Texas Intermediate crude futures were 35 cents, or 0.56%, higher at $63.00. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on...
The Pound Sterling (GBP) attracts bids against its major peers on Thursday on upbeat United Kingdom (UK) Gross Domestic Product (GDP) and factory data. The Office for National Statistics (ONS) reported that the economy grew by 0.3% in the second quarter of the year, stronger than expectations of 0.1%. In the first quarter of the year, GDP growth was 0.7%. In June, the UK economy grew by 0.4% after contracting 0.1% in May, while it was expected to rise just by 0.1%. Factory data has also come in stronger than projected. Month-on-month, Manufacturing and Industrial Production rose by 0.5%...
Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded below $66 a barrel, after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Gloomy predictions from both the IEA and the US government this week come as supplies from both within and outside OPEC+ are expected to rise into the fourth quarter. Brent's nearest timespread — a guage of market health — is trading at its weakest level since May. Against that backdrop, traders are...
Gold prices edged down on Thursday due to a slight uptick in the U.S. dollar index, although expectations of a Federal Reserve interest rate cut in September limited losses. Spot gold fell 0.3% to $3,346.19 per ounce as of 0848 GMT. U.S. gold futures for December delivery were down 0.4% to $3,393.80. The dollar (.DXY), opens new tab rose 0.04% from an over two-week low against its rivals, making gold more expensive for holders of other currencies. "The marginal reduction in gold since this morning could be just chalked down to a slightly firmer dollar," said Nitesh Shah, commodities...
The U.S. dollar rose slightly against other major currencies on Thursday, but stayed close to multi-week lows as bets that the Federal Reserve will resume cutting interest rates next month ticked higher. Bucking the trend was the yen, with the dollar hitting a three-week low against the Japanese currency after U.S. Treasury Secretary Scott Bessent suggested the Bank of Japan needs to raise rates again soon, while the Fed cuts aggressively. Rising expectations for monetary easing combined with increasing institutional cryptocurrency investment powered bitcoin to a new record peak earlier in...
Silver prices held above $38.5 per ounce on Thursday, hovering near a three-week high as expectations for deeper Federal Reserve rate cuts this year supported the market. Softer US inflation data suggested President Donald Trump's tariffs are not adding to price pressures, while signs of labor market cooling reinforced the dovish outlook. Markets have nearly fully priced in a September cut, with some anticipating a larger 50-basis-point move. Additionally, Treasury Secretary Scott Bessent called for multiple rate cuts and said the Fed could kick off the policy rate easing with a half-point...
Gold held a small gain after traders increased bets the Federal Reserve will cut interest rates next month, following pressure from US Treasury Secretary Scott Bessent. Bullion rose as much as 0.6% on Thursday before paring gains to trade near $3,365 an ounce. Prices saw a modest increase in the previous session, supported by a fall in Treasury yields after Bessent suggested the Fed's benchmark rate ought to be at least 1.5 percentage points lower than it is now. Lower borrowing costs and declining yields tend to support gold, as it pays no interest. The increased bets...
The U.S. dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering bitcoin to a record high, while a blistering rally in global stocks took a breather. MSCI's gauge of equities in Asia excluding Japan, lingered near its loftiest level since September 2021, taking cues from Wall Street, where the S&P 500 and Nasdaq indexes hit new closing highs for the second straight day. The dollar fell to a two-week low against a basket of major peers on shifting expectations of U.S. rate cuts, with comments...
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....