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 held steady after a rally, with stimulus measures in China and a U.S. industry report that signaled another draw in stockpiles in focus. Brent traded below $74 a barrel after rising 1.3% on Tuesday, with West Texas Intermediate nearing $70. In a bid to boost growth, China has given local officials more freedom in how they invest government bond proceeds, while keeping interest rates unchanged for now. Policymakers pledged a "moderately loose" monetary stance in the top crude importer earlier this month. In the U.S., the American Petroleum Institute said commercial crude inventories...
Oil rose as stimulus measures in China may help to bolster demand, and a US industry report flagged another drop in stockpiles. Brent climbed toward $74 a barrel after a 1.3% gain on Tuesday, with West Texas Intermediate above $70. In a bid to bolster growth, China is giving local officials more leeway in how they invest proceeds of government bonds, while keeping interest rates steady for now. Policymakers pledged a "moderately loose" monetary stance in the top crude importer earlier this month. Source: Bloomberg
Gold edges higher in early Asian trade. In the short- and medium-term, prices may experience fluctuations and volatility as there is no overall driving force amid the holidays, analysts at Nanhua Futures write in a note. For now, markets continue to expect the Fed to keep rates on hold in January, they add. Spot gold is 0.2% higher at $2,620.85/oz. Source: Bloomberg
Gold faces a two-way risk in 2025, with the Fed's monetary policy decisions, Trump's economic and foreign policies, and geopolitical developments becoming the main drivers. Bearish scenarioA de-escalation of geopolitical tensions in the Middle East and/or a resolution to the Russia-Ukraine crisis could trigger a sharp downward correction in Gold prices, given how much the precious metal benefited from these conflicts throughout 2024. Trump's "America First" approach suggests that his administration will be focused on domestic policies and possibly not prioritize international affairs. In...
Silver price (XAG/USD) falls to near $29.30 in Tuesday's European session, though it remains inside Monday's trading range amid thin trading volume due to holidays on Wednesday and Thursday on account of Christmas Eve and Thanksgiving Day. The white metal is broadly under pressure as the Federal Reserve (Fed) has guided a moderate hawkish stance on the monetary policy outlook. The Fed has shifted from "dovish" to "cautionary" on interest rates as progress in the disinflation trend has stalled in the last three months, and labor market conditions are not as bad as they appeared in the...
Crude Oil prices are going nowhere as volatility dies down on Tuesday with traders looking ahead to Christmas Eve rather than the release of the American Petroleum Institute (API). Even headlines of further stimulus in China are not driving Oil prices higher: Chinese policymakers want to boost the economy with a 3 trillion Yuan bond injection, a move that should ramp up spending and result in a boost in demand for Oil from one of the world's top consumers. At the time of writing, Crude Oil (WTI) trades at $69.61 and Brent Crude at $72.80.(cay) Newsmaker23 Source: Fxstreet
Gold traded in a narrow range as traders weighed the prospect of a slower pace of interest rate cuts by the U.S. Federal Reserve next year. Bullion prices were near $2,615 an ounce after closing down 0.4% on Monday. Investors digested the latest data on U.S. consumer confidence, which unexpectedly fell amid uncertainty over the policies of the incoming Trump administration. Gold was steady during thin holiday trading but a stronger dollar continued to weigh on the market, Pranav Mer, an analyst at JM Financial Services Ltd. in Mumbai, said in a note on Tuesday. Earlier this month, the Fed...
Oil rose in thin holiday trade, supported by a rally in equities and the rise of President-elect Donald Trump in international politics. Brent traded near $73 a barrel after falling slightly on Monday. European and Asian stocks rose after a Wall Street rally led by large-cap technology stocks. However, the dollar held near a two-year high, dampening the appeal of commodities. Trump has threatened to seize the Panama Canal, as well as impose tighter sanctions on Iran and tariffs on China that could affect the global oil balance. "The festive season seems a little different from Donald...
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....