Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S. West Texas Intermediate crude finished at $62.69, a gain of 32 cents, or 0.51%. Early in the day, crude reacted to the drone attack on Russia's northwestern port of Primorsk, which led to a suspension of oil loading operations overnight, an official from Ukraine's SBU security service said. "Those attacks on Russian energy infrastructure have room...
Brent crude oil futures extended gains toward $70 per barrel on Wednesday, supported by a weaker US dollar and reduced global oversupply forecasts. The US joined other agencies in lowering projections, with the IEA cutting its 2025 surplus forecast and halving its next year's glut projection due to potential declines in Iranian and Venezuelan flows. The EIA's monthly report also projected a decline in global oil inventories in Q2 2025. However, prices remained relatively near multi-year lows, pressured by erratic US trade shifts that prolonged risk-asset declines, along with concerns that a...
Oil extended a gain as the US cut its forecast for an oversupply, following similar moves by other market watchers including the International Energy Agency. West Texas Intermediate rose toward $67 a barrel after a modest gain on Tuesday, with Brent crude closing below $70. The Energy Information Administration slashed its prediction for a global surplus for this year and halved its outlook for a glut in 2026, citing the prospect of diminished flows from Iran and Venezuela. Elsewhere, the industry-funded American Petroleum Institute reported that US...
Gold edges higher in early Asian session, supported by fears of a global economic slowdown that could be spurred by tariffs. President Trump on Tuesday threatened to double tariffs on Canadian metals, but later rescinded the threat after Ontario province backed off of a surcharge on U.S.-bound electricity. There are growing worries over a potential economic slowdown in the U.S., FlowCommunity's Ruben Ferreira says in an email. Markets are awaiting U.S. inflation data this week, where any softer-than-expected figures might prompt the Fed to adopt a more dovish tone and consider cutting...
GBP/USD extended its recent bullish rally on Tuesday, shrugging off ongoing trade war concerns that are weighing down American market centers. Cable rose a little over one-half of one percent, clipping into the 1.2950 level for the first time in 18 weeks.US data remains the focal point for GBP/USD traders. UK economic data remains extremely limited on the data docket this week, but key US data releases are lined up one after another throughout most of this week. The US JOLTS job openings data was a bit stronger than anticipated, offering some stability to shaken markets. Job postings rose to...
The euro hit a five-month high on Tuesday after Ukraine agreed to a 30-day ceasefire proposal, while the dollar rose to a one-week high before weakening against the Canadian dollar following U.S. President Donald Trump's additional tariffs on Canada. Trump doubled his planned tariff on all steel and aluminum imports from Canada to 50% after Ontario province imposed a 25% tariff on electricity sent to the U.S. Ukraine agreed to accept an immediate 30-day ceasefire in the conflict with Russia during talks with U.S. officials in Saudi Arabia. U.S. Secretary of State Marco Rubio said he would...
The AUD/USD pair rises to near 0.6300 as the US Dollar (USD) slides due to an uncertain United States (US) economic outlook. The pair benefits from a softer Greenback as investors focus on upcoming inflation data, which could influence Federal Reserve (Fed) policy expectations. However, persistent concerns over trade tensions and global growth continue to cap upside potential for AUD/USD. Australian Dollar strengthens as US Dollar declinesThe US Dollar Index (DXY) fell to new multi-month lows near 103.20, pressured by declining bond yields and speculation about a potential US economic...
Gold (XAU) rallied on Tuesday as the trade war spurred demand for the yellow metal due to its safe-haven appeal. Upbeat United States (US) jobs data was ignored by traders, who continued to pile on Bullion. XAU/USD is trading at $2,917, up over 1%. Sentiment has recently improved as Canada and the US de-escalated the threat of imposing tariffs. Concerns about an economic slowdown in the US exert downward pressure on US Treasury yields and the Greenback, which is a tailwind for Bullion prices. Meanwhile, Trump's trade tariffs on aluminum and steel imports will go into effect on Wednesday....
Oil prices edged slightly higher on Tuesday, helped by weakness in the dollar but capped by mounting concerns over a U.S. slowdown and the impact of tariffs on global economic growth. Brent crude futures settled 28 cents, or 0.4%, higher at $69.56 a barrel after falling as low as $68.63 in early trade. U.S. West Texas Intermediate crude futures gained 22 cents, or 0.3%, to $66.25 a barrel after previous declines as well. Both benchmarks closed 1.5% lower in the previous session. Stocks, which crude prices often follow, were flirting with a correction after slumping on Monday when the...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....