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 were little changed on Thursday, as a higher-than-expected drawdown in U.S. fuel inventories and fresh tensions in the Middle East offset a stronger dollar. Brent crude was up 8 cents, or 0.11%, at $70.86 a barrel by 1251 GMT, while U.S. West Texas Intermediate (WTI) crude for April delivery rose 4 cents to $67.20. The more actively traded May WTI contract rose 5 cents, or 0.07%, to $66.96. U.S. government data showed a larger-than-expected drawdown last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the...
The dollar strengthened on Thursday after the Federal Reserve signaled it was in no rush to cut interest rates further this year due to uncertainty over U.S. tariffs, while the pound remained weak after the Bank of England kept interest rates steady. The Swiss franc weakened slightly after the Swiss National Bank cut its policy rate to 0.25%, while the Swedish crown weakened after its central bank kept rates unchanged. U.S. policymakers project two quarter-point interest rate cuts are likely later this year, the same median forecast as three months ago, even as they forecast slower...
EUR/USD slumped near 1.0830 as the US Dollar (USD) strengthened, while investors digested the gloomy outlook for the US economy under President Donald Trump, anticipated by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.00. On Wednesday, the Fed left its key lending rate unchanged in a range of 4.25%-4.50%, as expected, for the second straight day and stuck to its guidance for two rate cuts this year as projected in its December policy meeting. The Fed said it was in no rush to adjust monetary policy...
Oil prices rose on Thursday, boosted by a strong demand outlook in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar. Brent crude futures rose 34 cents, or 0.5%, to $71.12 a barrel by 0745 GMT, their highest since March 3. U.S. West Texas Intermediate (WTI) crude rose 42 cents, or 0.6%, to $67.58. U.S. government data showed a larger-than-expected draw last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the 300,000-barrel draw expected in a Reuters poll. [EIA/S] "The U.S. oil...
Gold hit an all-time high on Thursday as the U.S. Federal Reserve hinted at two possible interest rate cuts this year, adding to bullion's appeal amid ongoing geopolitical and economic tensions. Spot gold was steady at $3,047.1 an ounce by 0700 GMT, after hitting a record high of $3,057.21 earlier in the session. U.S. gold futures rose 0.4% to $3,054.10. Gold is being driven by "a lot of market uncertainty, geopolitical tensions, a weaker U.S. dollar and expectations that interest rates will be cut later," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd. On Wednesday, the...
The Japanese Yen (JPY) maintained its bid tone through the first half of the European session on Thursday (3/20) amid bets that the Bank of Japan (BoJ) will continue to raise interest rates this year, as strong wage growth could boost consumer spending. This, in turn, could contribute to a pickup in inflation and give the BoJ some room to tighten its policy further. The resulting narrowing of interest rate differentials between Japan and its peers continued to support the lower-yielding JPY. Furthermore, uncertainty over US President Donald Trump's trade policies and geopolitical risks...
Gold prices rose to record highs in Asian trade on Thursday, benefiting from a softer dollar as the Federal Reserve still signaled at least two more interest rate cuts this year. The yellow metal extended a run of recent gains, as it continued to benefit from heightened safe haven demand due to the collapse of the Israel-Hamas ceasefire, sluggish Russia-Ukraine peace negotiations, and increased uncertainty over the U.S. economy under President Donald Trump. Spot gold rose 0.2% to a record high of $2,057.36 an ounce, while gold futures expiring in April hit a peak of $3,065.09 an...
Gold hovered around $3,050 per ounce on Thursday, a fresh record, supported by rising US rate cut expectations and strong safe-haven demand. The Federal Reserve noted increased economic uncertainty but still expects to cut rates by 50 bps this year, matching its December projection and boosting non-yielding gold. Meanwhile, tensions in the Middle East escalated as Israel launched "targeted ground activities" in Gaza, retaking part of a key area after an airstrike ended a two-month ceasefire with Hamas. The US also kept striking Houthi targets in Yemen after Red Sea attacks, with Trump...
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....