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...
Gold (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region. The global risk sentiment remains well supported by the optimism over an extension of the US-China trade truce for another three months and the US-Russia summit on Friday aimed at ending the war in Ukraine. This, in turn, acts as a headwind for the safe-haven precious metal. However, a combination of supporting factors favors bullish traders and backs the case for the emergence of some dip-buying. The US Dollar (USD) selling bias remains...
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 near $66 a barrel after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Global oil inventories will accumulate at a rate faster than the average buildup during the pandemic year of 2020, the IEA's monthly report showed. Meanwhile, traders are monitoring the lead-up to Friday's summit between the US and Russian presidents, given that it may result in an easing or tightening of...
Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between U.S. President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Brent crude futures were up 28 cents, or 0.43%, at $65.91 a barrel at 0057 GMT, while U.S. West Texas Intermediate crude futures rose 23 cents, or 0.37%, to $62.89. 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 Wednesday threatened...
Gold edges higher in the early Asian session amid hopes for Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. Treasury Secretary Bessent said on Wednesday that there was a good chance the Fed could cut rates by 50 basis points next month. In a television interview, Bessent suggested borrowing costs might eventually drop by 1.5 percentage points or more. Bessent's comments increased speculation that the Fed will cut rates in September, with money market fully pricing in a 25bps rate cut, ANZ Research analysts say in a research report. This boosted...
GBP/USD gained even more ground on Wednesday, climbing nearly six-tenths of one percent as US Dollar (USD) flows continues to wither. The Pound Sterling (GBP) is enjoying a much-needed bullish shift in fundamentals as United Kingdom (UK) economic data outpaces new soft spots appearing in key economic figures from the United States (US). GBP/USD is extending one-sided bullish momentum north of the 50-day Exponential Moving Average (EMA), climbing into 1.3600 after closing flat or higher for all but one of the last nine trading sessions. Cable has risen over 3.35% bottom-to-top after finding...
Oil prices fell to over two-month lows on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency, while investors eyed U.S. President Donald Trump's threat of "severe consequences" if Russia's Vladimir Putin blocked peace in Ukraine. Brent crude futures settled down 49 cents, or 0.7%, to $65.63 a barrel. During the session it dropped to $65.01 a barrel, the lowest since June 6. U.S. West Texas Intermediate crude futures fell 52 cents, or 0.8%, to $62.65 a barrel. The contract fell to $61.94 a barrel, the lowest since June 2. U.S. crude stocks...
Gold price climbs during the North American session on Wednesday, up by 0.30% as investors continue to increase their bets that the Federal Reserve (Fed) will reduce interest rates at the September meeting. At the time of writing, XAU/USD trades at $3,357, above a key technical support level. The latest inflation report in July showed mixed readings as the headline Consumer Price Index (CPI) remained unchanged, while core figures rose. Nevertheless, traders seem convinced that the Fed Chair Jerome Powell and Co. will resume its easing cycle in September. Voices within the Trump...
Gold futures rise on heightened expectations of a Federal Reserve interest rate cut. Futures are up 0.4% at $3,412.90 a troy ounce. Optimism for a rate cut in September is rising on benign consumer price index data and a weak nonfarm payroll print, Tradu.com's Nikos Tzabouras says in a note. This is weighing on the U.S. dollar, which competes with gold's safe-haven characteristics, and makes bullion's non-interest bearing nature more appealing, Tzabouras writes. Still, trade concerns have eased after the extension of the U.S.-China tariff truce and geopolitical tensions have cooled ahead...
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....