Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday. The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group,...
TariffsOil gained at the start of the week ahead of planned tariffs by the Trump administration on major US trading partners including China, which raises the prospect of retaliatory measures and market volatility. Brent climbed above $73 a barrel after posting the biggest monthly loss since September, while West Texas Intermediate futures traded near $70. The levies on China, Mexico and Canada, which are scheduled to start on Tuesday, may yet be delayed, but any reprieve would likely be temporary. President Donald Trump's threats to implement sweeping tariffs on a number of...
Gold rises in early Asian trade. Goldman Sachs Research forecasts that gold will continue climbing up to $3,100/oz by the end of the year, supported by higher-than-expected central bank demand, says analyst Lina Thomas in a report. Policy uncertainty and tariff fears could also result in speculators holding their net long positions in gold for longer as a haven asset, Thomas adds, though this could be short-lived if investors become more confident about the economic and political environment. Spot gold is 0.4% higher at $2,868.21/oz. Source : Dow Jones Newswires
Oil prices fell on Friday and headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region. Uncertainty over OPEC's planned April production restart and ongoing peace talks to end the war in Ukraine also weighed on investor sentiment. More active May Brent crude fell 83 cents, or 1.12%, to settle at $73.21 a barrel. U.S. West Texas Intermediate crude was at $69.78 a barrel, down 57 cents, or 0.81%. Front-month Brent, which expires on Friday, traded at $73.28, down 76 cents. Both...
Gold prices fell more than 1% on Friday as the dollar held near a two-week high after U.S. inflation data matched expectations, suggesting the Federal Reserve may be cautious about further interest rate cuts. Spot gold fell 1% to $2,846.96 an ounce. Bullion has fallen 3% so far this week, its sharpest weekly decline since November. U.S. gold futures fell 1.3% to $2,858.90. The dollar index is set for a weekly gain, making dollar-priced bullion more expensive for overseas buyers. "I think the main elements that are impacting the gold and silver markets are profit-taking in the liquidation...
The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, held firm above 107.00 on Friday after January Personal Consumption Expenditures (PCE) inflation data matched estimates, easing concerns over an unexpected spike in inflation. The greenback held onto its recent gains as President Donald Trump reiterated that tariffs on Canada, Mexico and China will be implemented on March 4. Meanwhile, risk sentiment improved with US equity markets erasing earlier losses and moving higher. Daily Market Movers Summary: US dollar holds firm after PCE report The...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is flat and orbits around 107.30 at the time of writing on Friday and tries to keep a hold on that level. Markets got shaken up again overnight as United States (US) President Donald Trump confirmed that tariffs for Canada and Mexico are going into effect on March 4. Meanwhile, China will face an additional 10% levy on the same day. On the economic data front, all eyes on Friday were on the Personal Consumption Expenditures (PCE) data for January. In the second reading of the US...
Oil prices are down over 1% on Friday and were headed for their first monthly drop since November, as markets braced for Washington's tariff threats and Iraq's decision to resume oil exports from the Kurdistan region. Uncertainty surrounding OPEC's production resumption plans in April and ongoing peace talks to end the war in Ukraine also weighed on investor sentiment. The more active May Brent crude futures slipped 88 cents, or 1.20%, to $72.69 a barrel by 1212 GMT. U.S. West Texas Intermediate crude futures were at $69.36 a barrel, down 99 cents, or 1.41%. Front-month Brent, which...
Gold's price (XAU/USD) is getting knocked out and is facing a substantial 3% loss since it printed a new all-time high at $2,956 on Monday at the start of this week. The precious metal currently trades at $2,860 at the time of writing, after United States (US) President Donald Trump reiterated that tariffs for Mexico and Canada will start on March 4, while China will see an additional 10%, raising the total rates to20% on imports into the US. This dampens hopes markets still had for a possible delay in the implementation of these tariffs. Meanwhile, the US Personal Consumption Expenditures...
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....