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 prices rose on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures were up 19 cents, or 0.3%, to $65.09 a barrel at 1215 GMT. U.S. West Texas Intermediate crude was up 24 cents, or 0.4%, to $62.08 a barrel. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked to address some...
Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a U.S. trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key U.S. inflation data later this week. Spot gold was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20. U.S. gold futures were steady at $3,294.60. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on U.S. trade partners. The White House swiftly appealed the...
The U.S. dollar rose Thursday, bouncing after a court blocked President Donald Trump's import tariffs on other countries, as traders expected fewer trade-related headwinds for the U.S. economy. At 06:50 ET (10:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.1% to 99.850, after earlier climbing above 100 for the first time in a week. Dollar helped by court ruling The dollar extended its recent recovery into a third consecutive session after the U.S. Court of International Trade ruled that Trump overstepped his authority with his...
The Pound Sterling (GBP) recovers early losses against the US Dollar (USD), after hitting a bottom of 1.3415, and trades flat around 1.3470 during European trading hours on Thursday. The GBP/USD pair rebounds as the US Dollar surrenders a chunk of its initial gains, as the United States (US) Court of International Trade's verdict against President Donald Trump's tariffs increases economic uncertainty further. The event also seems critical for business owners, who started designing their procurement strategies, considering Trump's levies as the new normal for the global economy. The US...
Oil prices rose by around $1 a barrel on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed $1.12, or 1.7%, to $66.02 a barrel. U.S. West Texas Intermediate crude advanced by $1.14, or 1.8%, to $62.98 a barrel at 0800 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked...
Gold futures slide after the U.S. Court of International Trade ruled President Trump didn't have the authority to impose sweeping tariffs on nearly every nation. Futures are down 0.6% at $3,288.0 a troy ounce. The court blocked Trump's "Liberation Day" tariffs on Wednesday, voiding the levies that triggered a global trade war and threatened an economic slowdown. The court's tariff ruling does dim some of the safe-haven appeal of gold and table some headline uncertainty, RBC Capital Markets analysts say in a note. The stronger U.S. dollar is also adding pressure on gold, forming an...
The GBP/USD pair trades in negative territory around 1.3435 during the early European session on Thursday. The Greenback strengthens against the Pound Sterling (GBP) after the US trade court blocks US President Donald Trump's sweeping tariffs. The preliminary reading of the US Gross Domestic Product (GDP) report for the first quarter (Q1) will be the highlight later on Thursday. The summary of the May meeting of the Federal Open Market Committee (FOMC) suggested that uncertainty about the economic outlook has increased further. Federal Reserve (Fed) officials said meeting its dual goals of...
The Australian Dollar (AUD) remains subdued for the fourth successive session on Thursday, following disappointing Private Capital Expenditure data for the first quarter. The AUD/USD pair extends its losses as the US Dollar (USD) is trading higher after a US federal court blocked US President Donald Trump's "Liberation Day" tariffs from taking effect. A Reuters report showed that a federal trade court ruled Trump didn't have the authority to impose sweeping tariffs on imports from countries that sell more to the US. The Trump administration has halted some sales of jet engines,...
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....