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...
Oil steadied in the first session of the new year as an industry report signaled US crude stockpiles continued to shrink. Brent traded below $75 a barrel after giving up an earlier gain, and West Texas Intermediate was near $72. A report from the American Petroleum Institute showed inventories fell by 1.4 million barrels last week, which would be a sixth straight draw if confirmed by government data later Thursday. Oil has been stuck in a narrow range since mid-October, with Brent posting a modest annual decline and WTI ending 2024 little changed. Investors...
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Brent crude futures rose 17 cents, or 0.06%, to $74.82 a barrel by 0547 GMT after settling up 65 cents on Tuesday, the last trading day for 2024. U.S. West Texas Intermediate crude futures gained 19 cents, or 0.26%, to $71.91 a barrel after closing 73 cents higher in the previous session. China's factory activity grew in December, according to the private-sector...
The Japanese yen remained largely unchanged around 157 per dollar on Thursday, amid thin trading volumes as Japan observed the holiday season. Investors continued to digest the Bank of Japan's interest rate outlook, following an uptick in both headline and core inflation in November. Minutes from the BoJ's December meeting revealed that policymakers had debated the possibility of a near-term rate hike, with some members suggesting that conditions were starting to align for such a move. Meanwhile, traders are keeping a close eye on potential Japanese government intervention, after Finance...
Gold prices inched higher on Thursday, continuing its momentum from 2024, while traders sought more clarity on the U.S. Federal Reserve's interest rate trajectory and President-elect Donald Trump's policies. Spot gold rose 0.39% to $2,634.15 per ounce, as of 0255 GMT. U.S. gold futures edged up 0.2% to $2,646.30. Bullion surged over 27% in 2024, its largest annual gain since 2010, driven by Fed's substantial rate cuts and escalating geopolitical tensions. The dollar index (.DXY), opens new tab slipped 0.1%, making dollar-priced bullion more affordable for holders of other...
The dollar index slipped to around 108.3 on Thursday, starting the year on a subdued note following a strong performance in 2024. Last year, the dollar strengthened by approximately 7% against a basket of major currencies, as the Federal Reserve signaled a more cautious stance on interest rate cuts amid ongoing inflationary pressures. The dollar also received a boost from Trump's imminent return to the White House, with his proposed policies—such as deregulation, tax cuts, higher tariffs, and stricter immigration measures—seen as pro-growth and inflationary. Additionally, concerns over...
WTI crude oil futures rose above $72 per barrel on Thursday, the first session after the New Year holiday, following an industry report indicating lower US crude inventories. API data showed a 1.4-million-barrel decline in US crude stocks for the week ending December 27th. If confirmed by official data today, it would mark a third consecutive weekly draw. Investors are also eyeing a recovery in China's economy and fuel demand after President Xi Jinping's pledge last Tuesday to implement more proactive policies to promote growth. This comes after an official survey suggested that policy...
The AUD/USD pair trades on a flat note around 0.6185 during the early Asian session on Thursday. However, the expectation that the US Federal Reserve (Fed) will take a slow and cautious approach to further rate cuts this year might boost the US Dollar (USD) and acts as a headwind for AUD/USD. In the final monetary policy meeting on December 18, the Fed indicated that it would only reduce interest rates two times next year, down from four rate cuts in September's updated economic projections. The rising bets that the US central bank will hold interest rates higher than peers lift the...
The yen weakened against every Group-of-10 peer as investors weighed dimming chances of a Bank of Japan interest rate hike this month. USD/JPY rose as much as 0.3% to 157.78, advancing for a third straight session as traders consider another BOJ rate pause. Governor Kazuo Ueda avoided giving clear signals of a hike in January during last week's speech. US jobs and manufacturing data due later Thursday will give further pulse checks on the economy and provide more clarity on the dollar's trajectory. "With a BOJ rate hike unlikely until March, the risk of...
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....