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...
Oil was on track for a marginal weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. Still, West Texas Intermediate futures edged above $61 a barrel on Friday, paring some of that weekly loss. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, following preliminary talks last week on a third consecutive supply increase. "The real story now is tomorrow's OPEC+ meeting among the eight producers that conducted voluntary cuts," said Arne Lohmann Rasmussen, chief...
The US Dollar (USD) recovers on Friday after a sharp sell-off the previous day, with investors remaining uncertain over the existence of majority of tariffs imposed by United States (US) President Donald Trump on all of his trading partners since his return to the White House this year. During European trading hours, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rises to near 99.50. Investors start doubting the sustainability of reciprocal, fentanyl, and border negligence-related-tariffs as the US Court of International Trade strike them down...
Gold price (XAU/USD) retains its negative bias below the $3,300 mark through the early European session on Friday, though it lacks follow-through selling. The US Dollar (USD) attracts some dip-buyers amid some repositioning trade ahead of the crucial US inflation report, which, in turn, is seen as a key factor undermining the commodity. However, concerns about the worsening US fiscal condition, along with bets that the Federal Reserve (Fed) will lower borrowing costs further in 2025, might cap the upside for the USD and offer support to the non-yielding yellow metal. A federal appeals...
Gold prices fell on Friday and were headed for weekly loss amid a slight uptick in dollar, while investors awaited a key U.S. inflation report that may provide further insight into the Federal Reserve's policy trajectory. Spot gold was down 0.6% at $3,3296.20 an ounc. Bullion is down 1.6% so far this week. U.S. gold futures fell 0.6% to $3,321.49. The dollar index (.DXY), opens new tab rose 0.2%, making gold more expensive for overseas buyers. "Gold prices are more or less consolidating at this point of time," said Brian Lan, managing director at GoldSilver Central, Singapore. "What we...
The GBP/USD pair attracted fresh sellers after the previous day's decent rebound from the 1.3415 area, or weekly lows amid a modest US Dollar (USD) uptick. The spot price is currently trading around the 1.3475-1.3470 region, down 0.15% for the day, though the downside seems limited as traders might opt to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index. Ahead of the key data risk, some repositioning trade helped the USD to regain some positive traction after the previous day's dramatic turnaround from over one-week highs and exerted some pressure on the...
Gold price (XAU/USD) struggled to capitalize on the previous day's strong recovery move from the $3,246-3,245 region, or over a one-week low, and attracted fresh sellers during the Asian session on Friday. The US Dollar (USD) regains some positive traction following Thursday's dramatic intraday turnaround, amid some repositioning trade ahead of the pivotal inflation report from the US. This, in turn, is seen undermining demand for the bullion. However, a combination of factors should act as a tailwind for the commodity and help limit deeper losses. A federal appeals court on Thursday paused...
The US dollar index hovered around 99.4 on Friday, steadying after a volatile session as traders awaited the release of the PCE price index, the Federal Reserve's preferred measure of inflation. The report could offer early signals on whether tariffs are beginning to feed into price pressures, potentially influencing the Fed's next policy decision. On Thursday, government data confirmed the US economy contracted in the first quarter, marking the first negative growth reading in three years, further complicating the Fed's rate outlook. Meanwhile, San Francisco Fed's Mary Daly said the...
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike. Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday. In the U.S., President Donald Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an...
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....