Oil prices rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...
Oil was little changed after a four-day decline as investors assess the potential impact of moves by western nations to curtail Russian energy exports. West Texas Intermediate's November contract traded near $62 a barrel after falling almost 3% over the previous four sessions, while Brent settled below $67. Canadian Prime Minister Mark Carney said he wants to see western allies impose secondary sanctions on Russia quickly in order to dramatically ramp up pressure on President Vladimir Putin. The latest threat to the OPEC+ member's supply comes...
The USD/JPY pair weakened near 147.75 during the early Asian session on Tuesday. The US dollar (USD) weakened against the Japanese yen (JPY) as investors digested comments from Federal Reserve (Fed) officials on their latest monetary policy stance. Traders await the S&P Global Manufacturing and Services Purchasing Managers' Index (PMI) reports due on Tuesday. The US central bank delivered a widely expected interest rate cut last week but indicated it was in no rush to lower borrowing costs in the coming months. Fed Chairman Jerome Powell stated in a press conference that the decision...
Oil prices closed slightly lower on Monday (September 22nd) as concerns about oversupply outweighed geopolitical tensions in Russia and the Middle East. Brent crude futures closed 11 cents, or 0.2%, lower at $66.57 a barrel. The global benchmark has traded between $65.50 and $69 since early August. U.S. West Texas Intermediate (WTI) crude for October, which expires on Monday, closed down 4 cents, or 0.1%, at $62.64 a barrel. The more actively traded second-month contract fell 12 cents, or 0.2%, to $62.28. "Traders are again focusing on the possibility of an imminent oversupply in the...
Gold rose nearly 2% to an all-time high on Monday (September 22nd), boosted by growing expectations of further US interest rate cuts and continued demand for safe-haven assets amid political uncertainty. Investors are eyeing an upcoming Federal Reserve speech and key inflation data for the latest policy signals. Spot gold rose 1.7% to a new record high of $3,747.08 an ounce, as of 2:06 p.m. ET (1806 GMT). US gold futures for December delivery closed 1.9% higher at $3,775.10. The Russian Defense Ministry said its troops had captured the Kalynivske settlement in the Dnipropetrovsk region of...
Oil prices edged lower on Monday (September 22nd) as oversupply concerns outweighed geopolitical tensions in Russia and the Middle East. Brent crude futures fell 24 cents, or 0.4%, to $66.44 a barrel at 11:01 a.m. ET (15:01 GMT). Brent has traded between $65.50 and $69 a barrel since early August. The U.S. West Texas Intermediate crude contract for October, which expires on Monday, was at $62.49 a barrel, down 19 cents, or 0.3%. The more actively traded second-month contract fell 26 cents, or 0.5%, to $62.12. "Traders are again focusing on the possibility of an imminent oversupply in the...
Gold surged to an all-time high on Monday (September 22nd), driven by growing expectations of further US interest rate cuts and continued safe-haven demand amid political uncertainty. Investors are eyeing an upcoming Federal Reserve speech and key inflation data for the latest policy signals. Spot gold prices rose 1.4% to a new record high of $3,735.40 per ounce, as of 11:51 a.m. ET (1551 GMT). US gold futures for December delivery rose 1.7% to $3,768.70. "Safe-haven demand continues to flow amidst still-uncertain geopolitical issues, including the Russia-Ukraine war. The Fed's rate cut...
The dollar traded slightly lower on Monday as traders awaited several Federal Reserve speakers and key data later this week. The Canadian dollar lagged behind other currencies. The Bloomberg Dollar Spot Index fell about 0.1%. This was the first session of declines after three days of gains. Federal Reserve Governor Stephen Miran said interest rates are too high and proposed aggressive rate cuts in the coming months to protect the labor market. "The FOMC may have injected more two-way volatility into currency markets," Vasileios Gkionakis, senior economist and strategist at Aviva...
The U.S. dollar snapped a three-day rising streak on Monday, as investors await comments from Federal Reserve officials to better gauge the monetary policy outlook after the central bank resumed its easing cycle last week. The dollar hovered near levels seen before last week's Fed decision. The current pricing is consistent with the central bank's messaging, which highlighted rising concerns over the U.S. labour market as the key driver of policy, analysts said. Last week's U.S. economic data showed the number of Americans filing new applications for unemployment benefits fell, reversing...
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....