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...
Gold prices pared some gains on Thursday after hitting another record high, but remained supported by a weaker dollar on concerns about the economy and U.S. tariffs. Spot gold rose 0.1% to $2,937.13 an ounce, but had hit a record high of $2,954.89 an ounce earlier in the session. Gold futures expiring in April rose 0.5% to $2,951.10 an ounce. Concerns over Trump's trade policies hit risk-driven markets on Thursday, boosting demand for safe-haven assets such as bullion and the yen. Uncertainty over U.S. policy has been a major driver of gold's recent gains. Other precious metals also...
Oil prices closed higher on Thursday, marking a third straight day of gains, after data showed a decline in U.S. gasoline and distillate draws, while concerns about supply disruptions in Russia also supported prices. Brent crude futures settled up 44 cents, or 0.58%, at $76.48 a barrel. U.S. West Texas Intermediate (WTI) crude for March delivery rose 32 cents, or 0.44%, to $72.57. The more actively traded April WTI contract rose 0.35% to $72.50 a barrel. U.S. crude stockpiles rose slightly more than expected while fuel inventories fell last week as seasonal refinery maintenance led to...
Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. Brent futures were up 34 cents, or 0.5%, at $76.38 a barrel by 1407 GMT. U.S. West Texas Intermediate crude rose 26 cents, or 0.4%, to $72.51. U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. [API/S] Oil prices edged lower on Thursday because of the stock build in the U.S., said Saxo Bank analyst Ole Hansen. "The...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, slips lower on Thursday and trades below 107.00 at the time of writing. The move comes after United States (US) President Donald Trump mentioned that a trade deal with China might come. This is a big sigh of relief in markets on the tariff and trade front, as it would mean that some easing could come before April when levies are due to kick in. The US economic calendar is quite calm this Thursday, except for the weekly Initial Jobless Claims, the Philadelphia Fed Manufacturing...
Gold's price (XAU/USD) remains near another fresh all-time high after already having printed one in early trading on Thursday. The precious metal trades around $2,955 at the time of writing. The push higher comes after United States (US) President Donald Trump said that a trade deal with China could be possible. Geopolitical concerns at the same time grew after President Trump said Ukraine started the war with Russia and alluded it is time to repay the US for all the funding provided. Meanwhile, the Federal Reserve (Fed) Minutes for the January policy meeting released on Wednesday had...
Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles weighed on sentiment. Brent futures were up 20 cents at $76.24 a barrel by 0600 GMT. U.S. West Texas Intermediate crude dropped 30 cents to $71.95. The March contract expires on Thursday, while the more active April contract rose 21 cents to $72.31. U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. Official oil inventory data from the...
Gold futures rise to a fresh high. Futures are up 1.2% at $2,971.30 a troy ounce after a new record of $2,973 an ounce earlier in the session. Gold's near 12% rise year to date surpasses even MUFG's above-consensus expectations, analysts say in a note. Gold's rally has shrugged off a higher U.S. dollar and yields as well as growing Russia-Ukraine war settlement prospects, MUFG says. MUFG keeps its end-of-year spot gold estimate of $3,080 an ounce, but said there was clear upside potential. The bullion looks well-positioned to hedge risks from U.S. President Trump's policies. Should Trump...
The EUR/USD pair recovers some lost ground to near 1.0425 during the early European trading hours on Thursday. The weakening of the US Dollar (USD) provides some support to the major pair. However, tariff concerns from US President Donald Trump and geopolitical tension might cap its upside. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a...
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....