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...
The Japanese yen traded around five-month lows on Monday against a dollar underpinned by rising U.S. yields as thin year-end liquidity kept most currencies in tight ranges. The yen was changing hands at 157.71 with only the risk of Japanese intervention preventing another test of the 160 level last seen in July. The dollar index measure against major rivals was flat at 107.98. The euro stood at $1.0429 , not far from recent troughs and in a holding pattern in holiday trading. The currency is heading for a calendar-year drop of roughly 5.5% on the dollar. Rising U.S. Treasury yields have...
Gold edges higher in early Asian trade in thin holiday trading. Prices for the precious metal will likely be volatile in the near term, Zhengxin Futures says in a research note. U.S. Treasury yields have been on an upward trend, weighing on the non-interest-bearing precious metal. However, gold could continue to rise in the medium and long term as global central banks have started cutting rates and geopolitical tensions remain heightened. Concerns over the trajectory of U.S. inflation will likely rise after Donald Trump takes office in mid January, Zhengxin adds. Spot gold is 0.1% higher at...
Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments. West Texas Intermediate traded near $70 a barrel after rising 1.6% last week, and Brent was below $74. There are widespread expectations that the market will be oversupplied next year, which is likely to make it harder for OPEC and its allies to revive idled production. Oil is heading for a modest loss this year, with trading confined to a narrow range since mid-October. The market has been buffeted by bearish and bullish signals,...
Oil prices settled more than 1% higher on Friday and recorded a weekly gain in low trading volume ahead of year-end, buoyed by a larger-than-expected drawdown from U.S. crude inventories last week. Brent crude futures rose 91 cents, or 1.2%, to settle at $74.17 per barrel. U.S. West Texas Intermediate crude futures rose 98 cents, or 1.4%, to $70.60 per barrel.On a weekly basis, both Brent and WTI crude gained about 1.4%.U.S. crude oil inventories fell by 4.2 million barrels in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand, data from the...
Silver price (XAG/USD) falls to near $29.60 in a thin trading volume session following holidays on Christmas and Boxing Day on Friday. The white metal is under pressure even though tensions in the Middle East region between Israel and Iran have escalated. On Thursday, Israel launched missiles at the Iran-backed Houthis military and bombed Yemini airport. After the air assault, Israeli Prime Minister Benjamin Netanyahu said in an interview with an Israeli TV station of the Houthis, "We are just getting started with them". Israel retaliated to last week's air assault by Iran. Historically,...
Gold prices slipped on Friday as elevated U.S. Treasury yields dimmed non-yielding bullion's allure in a holiday-thinned week, with markets focused on President-elect Donald Trump's return to office and the potential impact of his inflationary policies on the Fed's 2025 outlook. Spot gold fell 0.7% to $2,615.99 per ounce. U.S. gold futures were down 0.8% to $2,633.5. Treasury yields are a little bit higher here, and gold will remain under pressure through the end of today ... we are here in a thin holiday market," said Bob Haberkorn, senior market strategist at RJO Futures. The dollar...
Gold prices eased on Friday but were set for a weekly gain as investors gravitated towards safe-haven assets amid political uncertainty in the Middle East, overshadowing pressure from a firmer dollar. Spot gold fell 0.8% to $2,614.39 per ounce. U.S. gold futures were down 0.9% to $2,629.7. "There remain geopolitical hotspots around the globe, which is keeping gold in play from a safe haven perspective," said Tim Waterer, chief market analyst at KCM Trade. "Between Russia-Ukraine and events in Gaza, investors remain keen on gold in case either situation flares up further." In the Middle...
Oil rose 1% on Friday and was on track for a weekly gain, spurred by expectations of a stimulus-driven economic recovery in China, the world's biggest oil importer, and by forecasts of lower U.S. inventories. Analysts polled by Reuters had expected U.S. crude stocks to have declined by about 1.9 million barrels last week and market sources said the American Petroleum Institute put the decline at 3.2 million barrels. Brent crude futures were up 74 cents, or 1%, at $74 a barrel by 1404 GMT. U.S. West Texas Intermediate crude rose 80 cents, or 1.15%, from Thursday's close to $70.42. For the...
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....