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 euro (EUR) held steady against the US dollar (USD) on Friday (5/30) after a weaker-than-expected US Personal Consumption Expenditures (PCE) Price Index, which is close to the Federal Reserve's (Fed) 2% target, lifted the pair from an intraday low of 1.1312. EUR/USD was trading at 1.1361, barely changed on the day. The market mood remains fragile, shifting between optimism and pessimism, with US equities weighed on tariffs and trade news. The US Court of International Trade ruled that the tariffs were illegal and ordered Washington to lift them within ten days. However, the Trump...
U.S. crude futures fell on Friday as traders expected OPEC+ to decide on Saturday to increase oil output for July beyond previous estimates. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. U.S. West Texas Intermediate crude settled down 15 cents, or 0.25%, at $60.79 a barrel, after earlier dropping more than $1 a barrel. Brent July futures expire on Friday. The more liquid August contract fell 71 cents, or 1.12%, to $62.64 a barrel. At that level, the benchmark front-month contract was headed for a weekly loss of more than 1%. Prices dipped into negative territory...
Gold prices fell on Friday as the dollar strengthened and markets digested the latest tariff developments, while a softer inflation report kept hopes of a U.S. interest rate cut alive. Spot gold fell 0.7%, to $3,293.59 an ounce, by 2:26 p.m. ET (1826 GMT) and is down 1.9% so far this week. U.S. gold futures settled 0.9% lower at $3,315.40. The dollar index rose 0.1%, making gold more expensive for holders of other currencies. A federal appeals court temporarily reinstated President Donald Trump's most sweeping tariffs on Thursday, a day after a U.S. trade court ruled that Trump had...
Gold fell and the dollar strengthened as traders assessed U.S. data on consumer spending, import flows and fresh trade tensions between the U.S. and China. Consumers stepped back in April while imports plunged sharply as companies adjusted to higher tariffs. Meanwhile, the Federal Reserve's preferred price gauge remained tame, reinforcing bets that the U.S. central bank won't need to lower borrowing costs until later this year. That scenario would be negative for bullion as it typically benefits from lower interest rates. On the trade front, U.S. President Donald Trump said China was not...
The dollar strengthened amid uncertainty over U.S. tariffs and after mixed economic data. The Bloomberg Dollar Spot Index rose 0.1%, paring an earlier 0.3% gain from a weaker-than-expected Chicago PMI; fell 0.6% in May and is set for the longest monthly decline since August 2020 U.S. personal income data beats forecasts, but personal spending falls in April; Consumer sentiment rebounds in May US Consumers Hit Brakes as Goods Imports Fall Sharply US Consumer Sentiment Improves in Latest Michigan Survey in May Proposed tax measures in the US tax and spending bill that could raise tax...
Oil prices fell on Friday and headed for a second straight weekly decline, as investors weighed the potential for a bigger OPEC+ output hike in July and uncertainty spread over U.S. tariff policy after the latest changes on the floor. Brent crude futures were down 21 cents, or 0.33%, at $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude futures were down 34 cents, or 0.56%, at $60.60 a barrel. Brent futures for July expire on Friday. The more liquid August contract was trading 43 cents lower, or 0.71%, at $59.77 a barrel. At that level, the benchmark front-month contract was...
Gold price (XAU/USD) recovers some of its initial losses and rebounds to near $3,305 during Nortyh American trading hours on Friday. Still, the precious metal is down almost 0.4%. The yellow metal bounces back as trade tensions between the United States (US) and China have renewed after President Donald Trump signaled in a post on Truth.Social that Beijing has violated trade agreement. "The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US," Trump wrote. Renewed trade tensions between the world's largest economies have increased demand of...
OPEC+ may discuss an increase in oil output for July at its meeting on Saturday larger than the 411,000 barrels per day (bpd) increases it made for May and June, sources familiar with OPEC+ talks told Reuters. Eight OPEC+ countries have been raising output more rapidly than earlier planned, even though the extra supply has weighed on prices. The strategy of group leaders Saudi Arabia and Russia is partly to punish over-producing allies and to win back market share, Reuters has reported. On Saturday, the eight members may decide to increase output by 411,000 bpd for July, OPEC+ sources have...
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....