Oil prices rebounded after last week's decline after OPEC+ agreed to raise production at a modest rate, amid doubts about how many members could continue to increase output. The rise marked a reversal of production cuts that were previously set to last until the end of 2026—following the return of most of the oil production that had been halted for several months—as the alliance seeks to regain market share. This signals the alliance's confidence in further pushing its bold oil market strategy. Brent rose above $66 per barrel after falling nearly 4% last week, when it became clear that a...
Silver (XAG/USD) prices traded in a tight range around $29.00 in the European trading session on Friday. The white metal consolidated as investors await the US (US) core Personal Consumption Expenditures (PCE) Price Index data for November, due at 13:30 GMT. Economists expect the US annual core PCE inflation data to rise to 2.9% from 2.8% in October. On a monthly basis, the underlying inflation data is expected to grow steadily at 0.2%. Signs of a mild slowdown in price pressures are unlikely to affect market expectations that the Federal Reserve (Fed) will halt its policy easing at its...
The U.S. dollar eased slightly on Friday, taking a breather after a strong rally this week as traders awaited the release of the Fed's preferred inflation gauge. At 4:40 AM ET (09:40 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.2% lower at 107.960, after rising to a two-year high earlier this week. Dollar Set for Weekly Gain The dollar index dipped slightly on Friday, but was still headed for a weekly gain of around 1%, supported by a relatively hawkish outlook for U.S. interest rates after the Federal Reserve's final policy...
Oil prices fell on Friday on concerns about demand growth in 2025, especially in the world's biggest crude importer, China, leaving the global oil benchmark on track to end the week down nearly 3%. Brent crude futures were down 33 cents, or 0.45%, at $72.55 a barrel by 0730 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.46%, at $69.06 a barrel. China's state-owned refiner Sinopec (OTC:SHIIY) said in its annual energy outlook released on Thursday that China's crude imports could peak as early as 2025 and the country's oil consumption would peak in 2027 as demand...
Gold prices steadied near a one-month low in Asian trade on Friday and were headed for weekly losses after the U.S. Federal Reserve's forecast of fewer than expected interest rate cuts in 2025 put investors on edge. The Fed lowered interest rates by 25 basis points as expected, but signaled it will adopt a slower rate cut path, with just two more cuts in 2025. Markets were expecting four cuts before the decision. Spot gold was slightly higher at $2,596.82 per ounce, while gold futures expiring in February ticked up 0.1% to $2,610.30 an ounce by 22:35 ET (03:35 GMT). Spot prices were down...
The Australian Dollar (AUD) retraces its recent gains from the previous session against the US Dollar (USD) following the People's Bank of China's (PBoC) monetary policy decision on Friday. China's central bank decided to keep its one- and five-year Loan Prime Rates (LPRs) unchanged at 3.10% and 3.60%, respectively, in the fourth quarterly meeting. Australia's Private Sector Credit grew by 0.5% month-over-month in November, aligning with expectations. This followed a 0.6% increase in October, which marked the fastest monthly growth in four months. On an annual basis, Private Sector Credit...
Gold headed for a weekly drop, as traders weighed the interest-rate outlook after the Federal Reserve dialed back rate-cut expectations for next year. Bullion traded near $2,590 an ounce, and is down about 2% for the week. The Fed reduced rates on Wednesday, but investors were more focused on comments from Chair Jerome Powell, who said that while the bank was "on track to continue to cut," officials would first have to see more progress on inflation. Lower rates are typically a positive for gold, as it doesn't pay interest. Traders were also weighing US GDP data on Thursday,...
Oil headed for a weekly decline as a strengthening US dollar pressured prices. West Texas Intermediate fell toward $69 a barrel, and is down more than 2% this week, while Brent crude closed below $73. The dollar has strengthened since the Federal Reserve signaled fewer interest-rate cuts next year on Wednesday, making commodities more expensive for many buyers. Crude is headed for a modest yearly decline, after trading in the narrowest annual range since 2019. Prices have been buffeted by the prospect of tougher sanctions on Iran and Russia, Donald Trump's imminent return to...
The US Dollar Index (DXY), which tracks the USD's value against a range of currencies, pulls back from its two-year peak following signals from the Federal Reserve (Fed) about fewer interest rate cuts in the future. Federal Open Market Committee (FOMC) members express concerns about inflation continuing into 2025 and take into account possible "Trump-effect" inflationary policies, such as tariffs and reduced labor supply due to deportations. The DXY stands at 108.00, with that level acting as support. Despite recent advances, traders are taking profits as they consider Chinese economic data...
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....