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 inched up on Friday after China said it was open for talks with the United States on tariffs, raising hopes of a de-escalation in a bitter trade war between the world's two largest economies and oil consumers. Brent crude futures were up 9 cents, or 0.1%, to $62.22 a barrel at 0804 GMT, while U.S. West Texas Intermediate crude futures were up 6 cents, or 0.1%, to $59.30 a barrel. For the week, Brent was on track for a 7% decline and WTI was down 6% so far, the biggest weekly declines in a month. China's Commerce Ministry said on Friday that Beijing was...
Gold gained on Friday as investors rushed to buy the metal a day after its prices hit a two-week low amid receding trade tensions, while the market's focus shifted to the U.S. non-farm payrolls report due later in the day. Spot gold rose 0.4% to $3,254.51 an ounce, as of 0610 GMT. Gold hit its lowest level since mid-April in the previous session and has lost nearly 2% so far this week, the steepest weekly fall since late February. U.S. gold futures rose 1.3% to $3,263. "There have been softening stance (on tariffs) and situation has improved a bit, but still there are a lot of...
After reaching its highest level in three weeks near 100.40 on Thursday, the US Dollar (USD) Index corrects lower to start the European session on Thursday. The US Bureau of Labor Statistics will publish April employment data, which will feature wage inflation, Unemployment Rate and Nonfarm Payrolls figures. Earlier in the day, the European economic calendar will offer preliminary Harmonized Index of Consumer Prices (HICP) data, the European Central Bank's (ECB) preferred gauge of inflation, for April.Despite mixed macroeconomic data releases from the US, the USD outperformed its rivals on...
Gold price (XAU/USD) struggles to capitalize on modest intraday gains on Friday and remains below the $3,260-3,265 support breakpoint, now turned resistance, through the Asian session. The optimism over a possible US-China trade deal remains supportive of the upbeat market mood and acts as a headwind for the safe-haven precious metal. However, bets for more aggressive policy easing by the Federal Reserve (Fed) cap the recent US Dollar (USD) move up to a multi-week high and lend some support to the commodity. Traders, however, seem reluctant to place aggressive directional bets and opt to...
The Australian Dollar (AUD) is rebounding modestly against the US Dollar (USD) on Friday, retracing some of the previous session's losses. Australia's Retail Sales—a key indicator of consumer spending—increased by 0.3% month-over-month in March, up from a 0.8% rise in February (revised from 0.2%), according to data released Friday by the Australian Bureau of Statistics (ABS). However, the figure fell short of market expectations, which had forecast a 0.4% gain. However, the AUD/USD pair remains vulnerable as falling metal prices weigh on sentiment. Key commodities like iron ore, copper, and...
The Japanese yen traded near 146 per dollar on Friday after losing about 1.6% in the previous session, weighed down by easing safe-haven demand amid progress in US-China trade relations. China said it is considering the possibility of trade talks after multiple outreach efforts by the U.S. to initiate tariff negotiations. Meanwhile, Japan and the U.S. concluded a second round of bilateral trade talks this week, with Tokyo aiming to finalize an agreement by June. On the domestic front, Japan's unemployment rate edged up to 2.5% in March, though the labor market remained relatively tight....
Silver (XAG/USD) builds on the previous day's goodish bounce from the $31.65 area, or a nearly three-week low, and gains some follow-through traction during the Asian session on Friday. The white metal climbs back above mid-$32.00s in the last hour and for now, seems to have snapped a three-day losing streak, though the technical setup warrants some caution before positioning for any further gains. The overnight sustained breakdown below the 100-hour Simple Moving Average (SMA) was seen as a key trigger for bearish traders. Moreover, oscillators on daily/4-hour charts have been gaining...
Brent crude oil futures extended its recent gains to around $62.5 per barrel on Friday, following President Trump's threat of secondary sanctions against countries purchasing Iranian oil. The US has already imposed restrictions on several Chinese refineries for buying Iranian crude, as well as on numerous companies and vessels involved in its transportation. Adding to the positive sentiment, China signaled a willingness to resume trade talks with the US, raising hopes for a de-escalation in tensions between the world's two largest oil consumers. However, oil remains on track for a weekly...
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....