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 edged lower after two consecutive weekly declines, with demand impeded by a risk-on mood as the White House aims to finalize trade deals with several nations ahead of a July 9 deadline. Bullion fell as much as 0.8% in early Asian trading before paring some losses, as investors weighed progress on the trade front. The European Union and the US believe they can clinch some form of trade agreement in time, Bloomberg News reported Friday, while talks with India, Japan and many others continue. Bloomberg News has also reported that the US is nearing...
Oil fell, following its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel, and before a likely OPEC+ supply hike. Brent dropped to near $67 a barrel after sliding 12% last week, while West Texas Intermediate traded around $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel will last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic "if they can be peaceful." Key members of the Organization of...
Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at $67.77 a barrel, up 4 cents, or 0.1%. U.S. West Texas Intermediate crude finished up 28 cents, or 0.4%, at $65.52 a barrel. Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a...
Gold price tumbled over 1.50% on Friday amid an improvement in risk appetite, driven by several factors. The de-escalation of the Israel–Iran conflict, the trade agreement with China, and ongoing negotiations between the United States (US) and its peers to reach commercial deals were welcomed by investors, who had previously sought refuge in Bullion's safe-haven demand. The XAU/USD trades at $3,274 after hitting a daily high of $3,328. On Thursday, the White House announced that the US and China have formally signed a trade agreement, effectively ending the ongoing "trade war." US Commerce...
Gold (XAU/USD) is on the defensive heading into the weekend, pressured by a combination of mixed US data and improving global risk sentiment. The precious metal is trading below $3,300, down nearly 2% on the day, as safe-haven flows continue to unwind. Friday's core PCE inflation print showed a modest uptick in May, reinforcing the Fed's cautious stance and creating a murkier outlook for the timing of rate cuts. Meanwhile, the University of Michigan Consumer Sentiment Index ticked higher in June, while inflation expectations softened, pointing to stable consumer outlooks.The release of the...
The dollar index fell to 97.1 on Friday, its lowest level since February 2022, extending this week's drop to almost 2%, driven by mounting expectations of Fed rate cuts. Chair Powell struck a notably dovish tone during recent congressional testimony, suggesting that in the absence of inflationary pressures from tariffs, the Fed would have continued its rate-cutting cycle. Reports also suggested that President Trump may announce his pick for the next Fed Chair as early as September or October, potentially creating a "shadow" leadership structure that could guide monetary policy in a more...
Gold futures slump on profit-taking and reduced safe-haven demand. Futures are down 1.8% at $3,287.20 a troy ounce. The precious metal is on track to finish the week nearly 3% lower on the sudden de-escalation in the Israel-Iran conflict, StoneX's Fawad Razaqzada says in a note. Investors have rotated funds out of safe-haven assets and instead into the racier tech sector, Razaqzada writes. Still, a pullback in gold prices might not be a bad thing. Gold's slide will allow technical overbought conditions on higher time frames to cool off, allowing the metal to shine again once macroeconomic...
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...
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....