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,...
Oil prices eased on Friday, heading for their first monthly drop since November, as uncertainty over global economic growth and fuel demand from Washington's tariff threats and further signs of a U.S. economic slowdown outweighed supply concerns. The more active May Brent crude futures slipped 31 cents, or 0.4%, to $73.26 a barrel by 0348 GMT, while U.S. West Texas Intermediate crude futures were at $70.04 a barrel, down 31 cents, or 0.4%. Front-month Brent that expires later on Friday traded at $73.69, down 35 cents, or 0.5%. Both benchmarks are on track to post their first monthly...
The Japanese Yen (JPY) trims a part of its intraday gains against the broadly stronger US Dollar (USD), assisting the USD/JPY pair to recover nearly 50 pips from the Asian session low, around the 149.00 neighborhood. Any meaningful JPY depreciation, however, seems elusive in the wake of the growing market acceptance that the Bank of Japan (BoJ) will hike interest rates further this year. The bets were reaffirmed by BoJ Deputy Governor Shinichi Uchida's remarks, saying that the underlying inflation rate is gradually rising toward the 2% target. This helps offset the softer-than-expected...
Brent crude oil futures fell to around $73 per barrel on Friday, trimming gains of over 2% from the previous session, as traders continued to assess supply risks. On Thursday, President Trump revoked Chevron's license to operate in Venezuela, potentially tightening global supply. Chevron exports about 240,000 barrels per day from Venezuela, and halting its operation would disrupt more than a quarter of the country's entire oil output. Trump also affirmed tariffs on Mexico and Canada, including a 10% levy on Canadian energy imports, effective March 4. Meanwhile, investors weighed these...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, continued to strengthen on Thursday (27/2), breaking above 107.00 as markets digested the second reading of the United States (US) Gross Domestic Product (GDP) and its inflation component. Traders were surprised by the higher-than-expected Personal Consumption Expenditures (PCE) data, which reinforced concerns over persistent inflation. Daily Market Movers Summary: US dollar strengthens after GDP inflation surprise US GDP for Q4 2024 came in line with estimates at 2.3%,...
Gold prices fell to $2,880 an ounce on Thursday (27/2) after hitting a record high of $2,950 on Monday, pressured by a stronger U.S. dollar after President Donald Trump announced a new set of tariffs on major trading partners. The U.S. president announced 25% tariffs on Canada and Mexico for next week, minutes after Treasury Secretary Bessent only hinted at them for April. In addition, Trump announced restrictions on China and new levies on the European Union, further hurting demand for foreign currencies and boosting the U.S. dollar. On the economic data front, recent data continued to show...
Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trump revoked a license granted to U.S. oil major Chevron (NYSE:CVX) to operate in Venezuela. Investors, however, were still watching for signs of a potential peace deal in Ukraine, which could lead to higher Russian oil flows. Brent crude futures were up $1.53, or 2.1%, at $74.06 a barrel by 1:28 p.m. EST (1828 GMT). U.S. West Texas Intermediate crude futures were up $1.64, or 2.4%, at $70.26. The contracts had settled the previous session at their lowest since Dec. 10. "The market prefers...
EUR/USD struggles around the psychological level of 1.0500 in North American trading hours on Thursday. The major currency pair falls as United States (US) President Donald Trump reiterated tariff threats on the Eurozone. President Trump said in a press conference on Wednesday that he will announce 25% tariffs on "cars and other things" on the Eurozone "very soon." However, Trump didn't provide a timeline for the tariff imposition. In response to Trump's tariff threats, a European Commission (EC) spokesperson said, "The EU will react firmly and immediately against unjustified barriers to...
Gold's price (XAU/USD) ekes out more losses and faces already more than 1% loss ahead of the American trading session on Thursday. The leg lower came after United States (US) President Donald Trump casted doubts and confusion during a cabinet meeting on Wednesday about what levies will be applied, when and to which countries. President Trump said "tariffs will go on, not all, but a lot of them" and added that levies on Canada and Mexico imports will go into effect on April 2. Reciprocal tariffs should be installed on April 2 too. The US President confirmed a 25% tariff would be...
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....