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 headed for a third weekly loss after a slew of signs pointing to an oversupply, including a forecast from the International Energy Agency for a record surplus next year. West Texas Intermediate steadied below $59 a barrel, down by more than 1% this week, while Brent closed near $63. On Thursday, the IEA again raised its estimates for a glut as OPEC+ continues to revive supplies and demand growth remains subdued. The day before, the producer group said that global crude output had topped demand in the third quarter, revising its view from a shortfall. Offsetting some of...
Gold edges higher in the early Asian session on possible dip-buying after likely profit-taking. "People are still expecting to see continued central bank buying," says Fawad Razaqzada, market analyst for Global Macro at FOREX.com, in an email. However, "I would actually be on the lookout for a bit of profit-taking to take prices back down" to near $4,000/oz in coming days and weeks," Razaqzada says. Spot gold is 0.2% higher at $4,179.37/oz. Source: Dow Jones Newswires
Oil prices were relatively stable on Thursday (November 13) after falling about 4% in the previous session as investors weighed concerns about a global oversupply and the threat of sanctions against Russia's Lukoil. Brent crude futures rose 30 cents, or 0.5%, to $63.01 a barrel. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $58.69 a barrel, after falling 4.2% on Wednesday. "Oil prices around $60/barrel will receive considerable support, especially given the potential for short-term disruptions to Russian export flows once tighter sanctions are imposed," said Suvro Sarkar,...
Gold prices fell 1% on Thursday (November 13), retreating from a three-week high earlier in the session amid a broad market selloff following the US government reopening. Spot gold fell 1.1% to $4,151.86 an ounce at 2:16 p.m. EST (19:16 GMT). Elsewhere, spot silver fell 2.3% to $52.18 after hitting its highest level since October 17 earlier in the session. US gold futures for December delivery closed 0.5% lower at $4,194.50. The US government is set to resume operations after a record-breaking 43-day government shutdown, under an agreement that funds federal operations through January...
Gold prices rose to a more than three-week high on Thursday (November 13), supported by expectations that the release of economic data following the reopening of the US government could strengthen the case for a Fed rate cut next month. Spot gold rose 0.2% to $4,206.64 an ounce at 11:03 a.m. EST (1603 GMT), its highest price since October 21. US gold futures for December delivery fell 0.1% to $4,211.50 an ounce. Traders expect economic data released after the shutdown will reveal a weakening US labor market and encourage the Fed to deliver at least one interest rate cut in December, said...
Oil prices recovered from a sharp decline as traders weighed the prospect of a record surplus against the supply risks posed by U.S. sanctions. West Texas Intermediate crude traded near $59 a barrel after falling nearly 4.2% on Wednesday, its biggest drop since June, while Brent crude hovered above $63. The International Energy Agency (IEA) signaled a worsening outlook for the sixth straight month, with a report on Thursday stating that supply would exceed demand by just over four million barrels per day next year. Producer group OPEC—which has been restoring idled capacity this year—said...
The US dollar weakened on Thursday (November 13th) as risk appetite improved after the US federal government reopened after a 43-day shutdown, while recent gains driven by declining interest rate cut expectations continued to fade. The US government is scheduled to reopen on Thursday after its longest-ever shutdown, which disrupted air traffic, cut food aid for low-income Americans, and left more than 1 million workers without pay for more than a month. "Risk has responded positively to the shutdown news, and the dollar has been a bit bid," said Sarah Ying, chief FX strategist at CIBC...
Gold prices rose on Thursday, hitting a more than three-week high, on expectations that the U.S. government reopening would increase debt levels, while delayed economic data could bolster the case for a Federal Reserve rate cut next month. Spot gold gained 0.7% at $4,227.15 per ounce, as of 0809 GMT, its highest since October 21. U.S. gold futures for December delivery rose 0.4% at $4,232.30 per ounce. "Precious metals are rallying alongside equities as traders continue to front run dovishness and the resolution of the U.S. government shutdown will not significantly alter the trajectory,...
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....