Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the...
Oil prices settled more than 1% higher on Friday and recorded a weekly gain in low trading volume ahead of year-end, buoyed by a larger-than-expected drawdown from U.S. crude inventories last week. Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 per barrel. U.S. West Texas Intermediate crude futures rose 98 cents, or 1.4%, to $70.60 per barrel.On a weekly basis, both Brent and WTI crude gained about 1.4%.U.S. crude oil inventories fell by 4.2 million barrels in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand, data from the...
Silver price (XAG/USD) falls to near $29.60 in a thin trading volume session following holidays on Christmas and Boxing Day on Friday. The white metal is under pressure even though tensions in the Middle East region between Israel and Iran have escalated. On Thursday, Israel launched missiles at the Iran-backed Houthis military and bombed Yemini airport. After the air assault, Israeli Prime Minister Benjamin Netanyahu said in an interview with an Israeli TV station of the Houthis, "We are just getting started with them". Israel retaliated to last week's air assault by Iran. Historically,...
Gold prices slipped on Friday as elevated U.S. Treasury yields dimmed non-yielding bullion's allure in a holiday-thinned week, with markets focused on President-elect Donald Trump's return to office and the potential impact of his inflationary policies on the Fed's 2025 outlook. Spot gold fell 0.7% to $2,615.99 per ounce. U.S. gold futures were down 0.8% to $2,633.5. Treasury yields are a little bit higher here, and gold will remain under pressure through the end of today ... we are here in a thin holiday market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar...
Gold prices eased on Friday but were set for a weekly gain as investors gravitated towards safe-haven assets amid political uncertainty in the Middle East, overshadowing pressure from a firmer dollar. Spot gold fell 0.8% to $2,614.39 per ounce. U.S. gold futures were down 0.9% to $2,629.7. "There remain geopolitical hotspots around the globe, which is keeping gold in play from a safe haven perspective," said Tim Waterer, chief market analyst at KCM Trade. "Between Russia-Ukraine and events in Gaza, investors remain keen on gold in case either situation flares up further." In the Middle...
Oil rose 1% on Friday and was on track for a weekly gain, spurred by expectations of a stimulus-driven economic recovery in China, the world's biggest oil importer, and by forecasts of lower U.S. inventories. Analysts polled by Reuters had expected U.S. crude stocks to have declined by about 1.9 million barrels last week and market sources said the American Petroleum Institute put the decline at 3.2 million barrels. Brent crude futures were up 74 cents, or 1%, at $74 a barrel by 1404 GMT. U.S. West Texas Intermediate crude rose 80 cents, or 1.15%, from Thursday's close to $70.42. For the...
Gold prices edged lower on Friday (12/27) as the US dollar index held steady, despite continued demand for safe-haven assets amid global geopolitical tensions. Gold futures for February delivery fell 0.11%, or $3, to settle at $2,650.90 an ounce by 10:36 a.m. KSA time and was on track for a weekly loss of around 0.10%. Spot gold was steady at $2,636.08 an ounce, while silver futures for March delivery were unchanged at $30,415 an ounce. Spot platinum fell 0.14% to settle at $938.48 an ounce. The dollar index, which measures the greenback against a basket of six major currencies, was...
Silver (XAG/USD) prices fell near $29.60 in thin trading after the Christmas and Boxing Day holidays on Friday (12/27). The white metal came under pressure despite heightened tensions in the Middle East between Israel and Iran. On Thursday, Israel launched missiles at the Iran-backed Houthi military and bombed Yemini airport. Following the airstrike, Israeli Prime Minister Benjamin Netanyahu said in an interview with Israel's Houthi TV station, "We have just started with them." Israel retaliated against last week's airstrike by Iran. Historically, rising geopolitical tensions increase...
EUR/USD traded in a narrow range around 1.0400 during the European session on Friday (12/27) amid thin trading as market participants stayed away due to the Christmas holiday. The currency pair struggled to find direction while the US Dollar (USD) strengthened on strong expectations that the Federal Reserve (Fed) will follow a gradual policy easing path as inflation has recovered slightly in the past three months. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, remained above the key support of 108.00. The USD's performance has remained...
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....