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...
Silver rose to around $43.5 per ounce on Monday, reaching a fresh 14-year high as expectations of further US Federal Reserve rate cuts bolstered demand for precious metals. Last week, the Fed delivered a widely anticipated 25 basis point cut, the first since December, while signaling the possibility of two more reductions this year. Investors are now looking ahead to fresh Fed commentary and a key US inflation report this week for further guidance on the rates outlook. Strong fundamentals also supported silver, with tight supply helping maintain upward momentum. On the demand side, robust...
The US Dollar rally against the Swiss franc was capped at 0.7970 on Monday, and the pair retreated to levels right below 0.7945 as market sentiment deteriorated during the European Session, with all eyes on a slew of Fed speakers due later today. Five Fed Governors are scheduled to give further details about the bank´s monetary policy plans. The main focus will be on the newest member, Stephen Miran, who is expected to delve into the reasons that prompted him to dissent from the committee and vote for a 50 basis points rate cut last week. These speeches will frame the Chairman Powell's...
Oil rose Monday, bouncing from the previous losing week as traders weighed the potential impact of fresh European Union measures aimed at curbing Russia's energy revenues and a series of Ukrainian strikes on energy infrastructure. Brent Oil Futures expiring in November rose 0.2% to $66.79 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.3% to $62.56 per barrel. Brent futures slipped nearly 0.5% last week amid pressure from President Donald Trump to push prices lower. EU sanctions pressure mountsThe European Commission on Friday proposed its 19th package of sanctions...
Gold (XAU/USD) sticks to its strong intraday gains comfortably above the $3,700 mark, or a record high, through the first half of the European session on Monday and seems poised to appreciate further amid a supportive fundamental backdrop. The US Federal Reserve's (Fed) dovish signal, indicating that two more rate cuts would follow through the end of this year, keeps a lid on the recent US Dollar (USD) recovery from a multi-year low and acts as a tailwind for the non-yielding yellow metal. Apart from this, geopolitical risks stemming from the intensifying Russia-Ukraine war turn out to be...
The dollar was steady on Monday as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook, after the central bank resumed its easing cycle last week. Currency moves in the early Asia session were more subdued after a volatile ride last week following a raft of rate decisions including that of the Fed, the Bank of England (BoE) and the Bank of Japan (BOJ). The yen was last 0.16% lower at 148.22 per dollar, paring its gains from Friday after a hawkish shift in the BOJ's rhetoric raised the...
Gold held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank's monetary path. Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a "meeting-by-meeting" approach to future decisions, curbing expectations for rapid easing. Lower rates benefit non-interest bearing...
Oil was little changed after notching a modest drop last week, as traders gauge the impact of European Union moves on Russian supply and strikes by Ukraine on the OPEC+ member's energy infrastructure. Brent traded above $66 a barrel after losing 0.5% last week, while West Texas Intermediate was near $63. The EU's next round of sanctions against Russia will focus on oil industry entities in so-called third countries, affecting about a dozen Chinese and several Indian bodies as the bloc looks to intensify pressure on the Kremlin's access to petrodollars. "We are now...
Oil prices fell on Friday (September 19th) as concerns about large supply and falling demand outweighed expectations that the first interest rate cut of the year by the US Federal Reserve would spur increased consumption. Brent crude futures closed at $66.68 per barrel, down 76 cents, or 1.1%. US West Texas Intermediate crude futures closed at $62.68, down 89 cents, or 1.4%. Both benchmarks rose for the second straight week. "Oil supplies continue to be strong, and OPEC is easing its oil production cuts," said Andrew Lipow, president of Lipow Oil Associates. "We haven't seen the impact of...
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....