Oil prices plunged 1.5% on Thursday, extending a more than 2% decline in the previous session, as investors awaited the weekend OPEC+ meeting where producers are expected to consider another production hike. Brent crude fell $1, or 1.5%, to $66.59 a barrel at 11:04 GMT, while U.S. West Texas Intermediate crude fell $1, or 1.6%, to $62.95 a barrel. The eight-member Organization of the Petroleum Exporting Countries (OPEC+) and its allies – known collectively as OPEC+ – will consider further production increases in October at a meeting on Sunday, two sources familiar with the discussions told...
Silver prices rose above $31.10 an ounce on Monday, nearing a one-month high as investors awaited key US inflation data due later in the week, which could strengthen expectations of a Federal Reserve interest rate cut this month. The market is now pricing in an 83% chance of a 25 basis point rate cut, up sharply from 62% a week ago. Silver also rose alongside gold, following the resumption of bullion purchases by China's central bank after a six-month hiatus. In addition, the market is focused on this week's Central Economic Work Conference, which will outline China's economic priorities...
US West Texas Intermediate (WTI) crude oil prices showed some resilience below the $67.00 round figure and attracted some buyers at the start of a new week. The commodity is currently trading just below mid-$67.00s, up 0.60% for the day, and for now, appears to have snapped a three-day losing streak to a three-week low hit on Friday. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, last week decided to delay a planned supply increase by three months to April and extend a full halt to cuts by one year to the end of 2026. Moreover, the worsening...
Gold rose above $2,640 an ounce on Monday, boosted by its appeal as a safe haven amid renewed geopolitical tensions in the Middle East, as well as growing expectations of a U.S. interest rate cut. Rebel forces in Syria toppled President Bashar al-Assad on Sunday, ending the Assad family's 50-year rule and raising concerns about a new wave of instability in the region. Friday's U.S. jobs report also indicated that the labor market continued to ease gradually, allowing the Federal Reserve to cut interest rates later this month. The market is now pricing in an 83% chance of a 25bps cut at...
The EUR/USD pair is trading with a mild negative bias near 1.0550 on Monday during the Asian trading hours. Investors will be closely watching the US Consumer Price Index (CPI) inflation report for November, due on Wednesday. On Thursday, the European Central Bank (ECB) interest rate decision will be in the spotlight. Investors will be looking for clues on what will happen next. Expectations for a quarter-point rate cut by the Federal Reserve (Fed) on December 18 increased last week after the employment report showed strong job creation, but not at a pace that would deter Fed officials from...
The Japanese Yen (JPY) kicks off the new week on a positive note and draws support from a combination of factors, though the upside potential seems limited. Government data released earlier today showed that Japan's economy expanded at a faster pace than initially estimated in the third quarter. Apart from this, geopolitical tensions and concerns about US President-elect Donald Trump's impending trade tariffs offer support to the safe-haven JPY. Meanwhile, the recent fall in the US Treasury bond yields contributes to the JPY's relative outperformance against its American counterpart and...
The AUD/USD pair strengthened around 0.6400 as the US Dollar (USD) weakened during the Asian session on Monday. There are no Federal Reserve (Fed) speakers this week as the media is closed. All eyes will be on the Reserve Bank of Australia (RBA) rate decision on Tuesday, with no rate changes expected. Data released by the US Bureau of Labor Statistics (BLS) on Friday showed that US Nonfarm Payrolls (NFP) increased by 227,000 in November, compared to an upwardly revised 36,000 in October. This reading was better than the estimate of 200,000. Meanwhile, the Unemployment Rate rose to 4.2% in...
Gold prices rose on Monday after China's central bank added bullion to its reserves in November — ending a six-month hiatus in a buying binge that had provided a major pillar of support for the precious metal. Bullion prices rose as much as 0.6% to trade just below $2,650 an ounce, after the People's Bank of China said Saturday it bought 160,000 troy ounces last month. The addition was the first since April, before the central bank halted purchases for 18 months that had helped prop up prices amid strong interest from global public institutions. China led demand in the first quarter of...
Oil fell for the second time in a week after Saudi Arabia cut its crude prices for Asia more than expected, as the market eyed any impact from the fall of the Syrian regime. Brent futures traded near $71 a barrel and West Texas Intermediate was above $67. Saudi Aramco cut its oil prices after OPEC+ further delayed the restart of stalled production, underscoring the weak market outlook. Meanwhile, the fall of the Syrian government sent shockwaves across the Middle East and would be a blow to longtime backers Russia and Iran. Crude prices have been confined to a tight range since...
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....