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 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 price (XAU/USD) attracts some buyers for the second straight day on Thursday and retains its positive bias through the first half of the European session. The US Dollar (USD) selling remains unabated amid reports that US President Donald Trump was considering replacing Federal Reserve (Fed) Chair Jerome Powell, fueling concerns about the future independence of the central bank. Adding to this, bets that the Fed will resume its rate-cutting cycle as early as July drags the USD to over a three-year low and benefits the non-yielding yellow metal. Meanwhile, the latest optimism over a...
Oil prices inched higher on Thursday, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East. Brent crude futures rose 53 cents, or 0.8%, to $68.21 a barrel by 0630 GMT. U.S. West Texas Intermediate (WTI) crude gained 56 cents, or 0.9%, to $65.48 a barrel. Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand. "Some buyers are favouring solid demand indicated by...
The Pound Sterling (GBP) extends its winning streak against the US Dollar (USD) for the fourth consecutive trading day on Thursday, refreshing an over three-year high at around 1.3725 at the time of writing. The GBP/USD pair strengthens as the US Dollar faces a sharp selling pressure after United States (US) President Donald Trump reiterated attacks on Federal Reserve's (Fed) independence, following Chair Jerome Powell's commitment to a "wait and see" approach on interest rates in the two-day semi-annual testimony before Senate. The US Dollar Index (DXY), which tracks the Greenback's value...
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....