West Texas Intermediate (WTI) crude oil closed higher on Friday as the geopolitical risk premium rose after Israel launched a retaliatory attack on Iran, but one that caused little damage. WTI crude oil for May delivery closed up US$0.41 to settle at US$83.14 per barrel, the lowest since late March, while June Brent crude, the global benchmark, was up US$0.33 to US$87.44. The rise came after Israel carried out drone attacks near the Iranian city of Isfahan that caused little reported damage. The attacks were a response to Iran's weekend attempt to strike Israel with drone and missiles that...
Oil rose for a second session as China's new crude import quotas helped cut recent pessimism over demand. Brent crude topped $75 a barrel, while West Texas Intermediate hit $70. The large batch of Chinese quotas added to an improved outlook for consumption in the world's second-largest economy, a day after Beijing was said to be considering a broad range of measures to revive a flagging recovery. Crude has been largely range-bound since the start of May, as stubbornly high Russian supplies and concern about global demand counteract Saudi-led OPEC+...
The dollar hovered around multi-week lows against the euro and sterling on Wednesday, after unexpectedly soft U.S. inflation data cemented the view that the Federal Reserve will not raise interest rates later in the day. China's yuan sagged to its weakest in over six months after the central bank cut rates, and as speculation mounts that more stimulus is on the way to support the sputtering post-COVID economic recovery. The dollar index - which measures the performance of the U.S. currency against six others - dipped 0.2% to 103.14, after touching its lowest since May 22 overnight at...
Gold edged up after three days of declines, boosted by a slight fall in Treasury yields ahead of a likely pause in the Federal Reserve's aggressive monetary-tightening cycle. Data Tuesday showed US inflation slowing to the lowest since March 2021, solidifying bets the Fed will keep interest rates steady later Wednesday. Swaps traders still see a high chance of at least one more hike later in 2023. Gold remains within a range around $1,950 that's held for most of the month as investors wait decisive new drivers. Official data has continued to paint a mixed picture of the economy,...
Oil rose for a second session as China's new crude import quotas helped cut recent pessimism over demand. Benchmark Brent crude topped $75 a barrel, while West Texas Intermediate hit $70. The large batch of Chinese quotas added to an improved outlook for consumption in the world's second-largest economy, a day after Beijing was said to be considering a broad range of measures to revive a flagging recovery. The dollar also dropped, making commodities priced in the currency more attractive. Equities climbed in anticipation the US Federal Reserve will announce a pause in its run of...
The U.S. dollar edged lower in early European trade Wednesday, struggling for traction ahead of the conclusion of the latest Federal Reserve policy meeting. At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 102.898, near three-week lows. GBP/USD edged lower to 1.2608 after soaring 0.8% in the prior session and hitting the highest level since May 11. EUR/USD fell 0.1% to 1.0787 ahead of the release of the eurozone industrial production data for April, which is expected to show a recovery from the previous...
Gold edged up after three days of declines, boosted by a slight fall in Treasury yields ahead of a likely pause in the Federal Reserve's aggressive monetary-tightening cycle. After US data on Tuesday showed inflation slowing on an annual basis, short-term Treasury yields rose to the highest levels since March, which is generally negative for gold as the metal doesn't offer any interest. Bullion has fallen more than 5% since hitting a peak in early May. The inflation data was seen by traders as confirmation that the Fed will hold rates in the 5%-5.25% range later...
The dollar hovered near a three-week low to the euro and a one-month low versus sterling on Wednesday, after unexpectedly soft U.S. inflation data cemented the view that the Federal Reserve will skip an interest rate hike later in the day. China's yuan, however, sagged to a 6-1/2-month trough, a day after the central bank cut rates, amid speculation even more stimulus is on the way to support the sputtering post-COVID economic recovery. The dollar index - which measures the currency against six major peers, including the euro and sterling - was flat at 103.30 in Asian trading, after...
Oil held onto a sharp overnight gain that was driven by signs China is shifting into stimulus mode and a US plan to replenish reserves. West Texas Intermediate traded above $69 a barrel after rising 3.4% on Tuesday, the most in more than five weeks. Beijing is considering a broad range of stimulus measures to revive China's flagging recovery after already having taken steps to loosen monetary policy. The country also issued a fresh crude import quota for non state-owned refiners and traders for 2023. The US is planning to buy about 12 million barrels of oil this year to refill its depleted...
Silver price (XAU/USD) turns sideways around $23.15 after a strong recovery in the European session on Wednesday. The white metal clings to solid gains as the US Dollar has shifted to the backfoot...
Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC+ producer group on Sunday.
Brent futures climbed 14 cents to $83.69 a barrel at...
Gauge of the dollar held near a seven-week high as investors waited for comments from Federal Reserve Chair Jerome Powell to gauge his views on the US economy. Australia's dollar declined amid...