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 prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%. Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product." He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved...
Gold prices held firm on Thursday (05/06), supported by easing geopolitical tensions, dovish central bank signals and continued weakness in US labor market data, factors that continued to boost demand for safe-haven assets. After testing the key psychological level of $3,400 during the European session, prices eased slightly but remained elevated as markets digested positive developments. US President Donald Trump announced via Truth Social that he had a productive and positive 90-minute phone call with Chinese President Xi Jinping, where they discussed details of a recently concluded trade...
Oil prices rose 1% on Thursday, recovering from the previous day's decline as traders responded to news that U.S. and Chinese teams would meet soon, following a trade call between U.S. President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT (15:36 GMT). U.S. West Texas Intermediate crude was up 66 cents, or 1.05%, at $63.51 a barrel. "If we step back from the brink of a major trade war, that would raise expectations for oil demand in both the U.S. and China," said Phil Flynn, senior analyst at Price Futures...
Oil climbed as signs the US and China may be ironing out their trade differences helped allay concern with large OPEC+ output increases. Brent futures extended gains after China's official news agency reported that Presidents Donald Trump and Xi Jinping spoke over the phone. Still, prices have been largely bound to a narrow price range near $65 a barrel since the middle of May. Gains were contained in equity markets as traders await US jobs data due on Friday. Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to...
Markets are trading in relatively subdued fashion, leaving the USD soft overall but little changed on the session and holding near the past week's low, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD soft but little changed "High beta FX is leading limited gains on the USD in the major currency space. Stocks are modestly higher in Europe after a mixed session in Asia. US equity futures are little changed. Bonds are mostly firmer but Treasurys are underperforming a little. Markets are short on incentives to move today—an ECB rate cut is largely discounted and US data reports this...
Gold futures rise as the U.S. dollar weakens and investors position themselves ahead of key U.S. economic data. Futures are up 0.6% at $3,420.80 a troy ounce. The precious metal has edged higher as the weaker dollar improves gold's comparative safe-haven aspects. U.S. Treasurys also began to slide in the previous session, further supporting gold, SP Angel analysts say in a note. The 10-year fell below 4.4% for the first time since early May, as weak ADP numbers raised concerns over the strength of the U.S. labor market, SP Angel says. Market attention now turns to Friday's nonfarm payroll...
Oil remained stuck near $65 a barrel as signs Saudi Arabia is seeking another big production increase at next month's OPEC+ meeting offset the outlook for summer demand. Brent futures posted a slight recovery Thursday, but prices have been largely bound to a narrow price range since the middle of May. Broader markets were also moslty flat as traders await US jobs data due on Friday. Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to add at least 411,000 barrels a day of output in August and potentially September, according to...
Silver prices surged to $35.60 per ounce on Thursday, reaching their highest level since February 2012, as weak US economic data and a dovish Federal Reserve outlook fueled safe-haven demand ahead of Friday's non-farm payrolls report. Expectations for a Fed rate cut in September have intensified following a string of disappointing indicators. The latest ADP report showed just 37,000 private-sector jobs were added in May, the weakest monthly gain since March 2023, while the ISM Services PMI dropped to 49.9, signaling the sector's first contraction in nearly a year. Outside of economic...
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....