Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East to Europe. West Texas Intermediate traded near $62 a barrel after sliding 2% on Thursday. Brent settled above $66. The IEA's forecast for record oversupply followed a decision by OPEC+ over the weekend to keep returning idled barrels to the market in October, albeit at a modest rate. Thursday's slump snapped a three-day advance, which was driven by Israel's strike on the Qatari...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is slowly moving higher and recovers above the 107.00 level on Wednesday, with traders seeing the DXY well positioned amidst all tariff and geopolitical headlines. Overnight, United States (US) President Donald Trump said that car tariffs will be around 25%, and that pharmaceutical and semiconductor imports will be added to the same scheme by April. President Trump tried to deflect the rather unsuccessful first day of negotiations between Russia and the US officials on a peace deal...
Oil prices edged higher in European trading on Wednesday, as traders weighed supply disruption concerns in Russia and the U.S.. Yet gains were limited by the prospect of easing sanctions of Russia -- and a subsequent return of supplies from the major oil-producing country -- in the event of a peace deal to halt the war in Ukraine. Brent crude futures rose 0.5% to $76.26 a barrel by 06:13 ET, while West Texas Intermediate crude futures had increased by 0.6% to $72.29 per barrel.Prices rose in the prior session after Ukrainian drone strikes targeted a key Russian crude-pumping station,...
The Pound Sterling weakens against its major peers even though the United Kingdom (UK) Consumer Price Index (CPI) report for January showed that inflationary pressures accelerated at a faster-than-expected pace. In the 12 months to January, the headline CPI rose by 3%, faster than estimates of 2.8% and the December reading of 2.5%. In the same period, the core CPI – which excludes volatile components of food, energy, alcohol, and tobacco – grew by 3.7%, as expected, faster than the former reading of 3.2%. Month-on-month headline CPI inflation deflated at a slower-than-projected pace of...
Oil extended this week's advance on uncertainties around supplies from Russia, Kazakhstan and the rest of the OPEC+ alliance. Brent rose for a third straight session, trading above $76 a barrel. OPEC+ is weighing pushing back a series of monthly supply increases due to begin in April, which would be the fourth delay if implemented.At the same time, the exclusion of President Volodymyr Zelenskiy from US-led talks to end the war in Ukraine may slow an agreement and, consequently, the potential normalization of Russian crude flows.Source: Bloomberg
The dollar held steady against a range of currencies on Wednesday while the yen strengthened, as traders focused on talks over a Ukraine ceasefire and digested the latest round of tariff threats from U.S. President Donald Trump.The pound, meanwhile, got a small lift from a stronger-than-expected UK inflation print.The dollar index last stood at 107.06, up 0.047% after dropping 1.2% last week. The yen was stronger against the dollar , up 0.24% at 151.675.Source: Reuters
Gold's price (XAU/USD) extends this week's bullish momentum and hits a fresh all-time high at above $2,945 during the European trading session on Wednesday. The up-move comes after United States (US) President Donald Trump's harsh words on Ukraine overnight, just hours after first talks between the US and Russia officials raised concerns among traders if a peace deal is even in the cards. Meanwhile, President Trump confirmed again that 25% tariffs on automobile imports are coming, extending to pharmaceutical and semiconductor imports in addition. Meanwhile, the Federal Reserve (Fed) is set...
Oil prices edged up on Wednesday amid worries of oil supply disruptions in the U.S. and Russia, and as markets awaited clarity on the Ukraine peace talks. Brent crude futures were up 14 cents, or 0.2%, at $75.98 a barrel at 0450 GMT, and possibly set for a third day of gains. U.S. West Texas Intermediate crude futures for March rose 16 cents, or 0.2%, to $72.01, up 1.8% from the close on Friday after not settling on Monday because of the Presidents' Day public holiday. The March contract expires on Thursday and the more active April contract gained 14 cents, or 0.2%, to $71.97. "The...
Silver prices held above $32.5 per ounce on Wednesday after gaining over 2% over the past two sessions, as global trade uncertainties continued to drive safe-haven demand for precious metals. US President Donald Trump said on Tuesday that he plans to impose auto tariffs "in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports, raising worries over a wider trade war. Meanwhile, investors kept an eye on US-led efforts to resolve the war in Ukraine, which could reduce demand for safe-haven assets like silver. Last week, silver reached a three-month high as...
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....