Friday, 29 March 2024
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Friday, 29 March 2024 01:50 WIB

West Texas Intermediate (WTI) crude oil closed higher on Thursday following two losing sessions on expectations global inventories will continue to wane through the second quarter on OPEC+ production cuts and Ukrainian attacks on Russian refineries. WTI crude oil for May delivery closed up US$1.82 to settle at US$83.17 per barrel, while May Brent crude, the global benchmark, was last seen up US$1.35 to US$87.44. OPEC's the Joint Monitoring Ministerial Committee will meet next week, though no change to production quotas is expected as OPEC+'s 2.2-million barrels per day of voluntary...

RECENT NEWS
Oil Climbs 3% As Dollar Slips And EU Ban Looms
Friday, 4 November 2022 19:55 WIB | Minyak WTI Brent

Oil rose by more than 3% on Friday as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China's COVID curbs. Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48%, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2%. U.S. West Texas Intermediate (WTI) crude futures were up $3.52, or 3.99%, at $91.69 and on course for a weekly gain of more than 4%. Both contracts were supported by a weaker dollar, which can boost oil demand because it makes the commodity cheaper for...

Silver Climbs To 3-Week High As Investors Await U.S. Jobs Report
Friday, 4 November 2022 19:49 WIB | GOLD EMAS Perak SILVER

Gold and silver advanced Friday with prices for the latter reaching their highest level in more than three weeks ahead of the October jobs report. Gold prices for December delivery gained $24, or 1.5%, to $1,655 per ounce. Silver prices for December delivery advanced 52 cents, or 2.7%, to $19.95 per ounce, the highest level for a most-active contract since Oct. 10. Palladium prices for December delivery gained $17.90, or 1%, to $1,816 per ounce while platinum prices for January delivery advanced $17, or 1.9%, to $941 per ounce. Copper prices for December delivery gained 16 cents, or...

Gold Rises as Dollar Pares Weekly Gain Ahead of US Jobs Data
Friday, 4 November 2022 17:18 WIB | GOLD EMAS

Gold rose as the dollar declined ahead of US jobs data that could bear on the size of the Federal Reserve's next rate hike. The greenback retreated as risk sentiment in equity markets improved, paring a weekly gain and boosting bullion which is priced in the currency. Gold came under pressure earlier in the week after Fed Chair Jerome Powell signaled monetary policy would need to be tightened more than previously anticipated. Nonfarm payrolls data later on Friday could be crucial to that outlook, given the tight labor market's role in driving inflation. The median economist...

Oil Set for Weekly Gain as Commodities Rally on China Rumor
Friday, 4 November 2022 12:49 WIB | Minyak WTI

Oil jumped toward $90 a barrel as commodities and equities in Asia rallied on more speculation that China may ease its Covid restrictions. West Texas Intermediate futures rose around 2%, putting crude on track for a second weekly gain, after rumors circulated on social media that China may change its Covid Zero policy. Similar chatter earlier in the week sparked gains across commodity markets and prompted the country's top health body to say the strategy remains the overall approach to fighting Covid-19. Crude has lost almost a third of its value since June as...

Dollar ascendant; sterling slumps on lower rate expectations, bleak outlook
Friday, 4 November 2022 10:26 WIB | Indeks Dolar

The dollar looked set to post its best week in over a month on Friday on expectations that U.S. rates could peak higher, while sterling was on the ropes as investors revised their rate projections after a shift in tone from the Bank of England. Sterling edged up 0.1% to $1.1170, after sliding 2% overnight. It was headed for a weekly loss of nearly 4%, the largest since September's market turmoil triggered by an economic plan that alarmed investors. While the BOE raised interest rates by the most since 1989 on Thursday, it warned investors that the risk of Britain's longest recession in at...

Oil Rises as Russian Price Cap Looms, But Weekly Losses on Tap
Friday, 4 November 2022 09:48 WIB | Minyak WTI Minyak jenis Brent

Oil prices rose on Friday as markets awaited the passing of a price cap on Russian exports, although concerns over Chinese demand and a hawkish Federal Reserve put crude on course to end the week lower. Reuters reported that the Group of Seven (G7) rich countries agreed to set a fixed price when curbs on Russian oil exports kick in later this month. The passing of the price caps is expected to eventually tighten crude supplies, given that Russia warned it will stop supplying oil to any countries that agree to the curbs. Brent oil futures rose 0.6% to $94.18 a barrel in early Asian trade,...

Gold Slightly Higher; May Face Near-Term Pressure
Friday, 4 November 2022 08:01 WIB | GOLD

Gold prices are slightly higher in early Asian trade, after declining overnight on a stronger USD and Treasury yields. The precious metal may be set up for more losses, as it continues to trade heavy near its cycles lows, DailyFX strategist Paul Robinson says in a note. "A daily close below 1614 should kick off another wave of selling, with a high prior to the pandemic seen as next possible level of support," he says. "If selling gets heavy then we may ultimately see the 2020 low at 1451," he adds. Spot gold is 0.1% higher at $1,633.90/oz.  Source: Marketwatch

Oil Holds Losses With Slowdown Fears Overshadowing Tight Supply
Friday, 4 November 2022 07:19 WIB | Minyak WTI

Oil held losses as major central banks continued to raise interest-rates to cool rampant inflation, overshadowing a tight supply outlook. West Texas Intermediate futures traded near $88 a barrel after falling 2% in the previous session. European Central Bank President Christine Lagarde said that a "mild recession" was possible following more rate hikes from the Federal Reserve and the Bank of England. A strong dollar added to headwinds for oil. Crude has lost almost a third of its value since its early June as fears over a global slowdown weighed on energy demand. Saudi...

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PRECIOUS METALS
Silver Price Forecast: XAG/USD Holds Onto Gains Above $23 Ahead of FOMC Minutes
Wednesday, 21 February 2024 15:43 WIB

Silver price (XAU/USD) turns sideways around $23.15 after a strong recovery in the European session on Wednesday. The white metal clings to solid gains as the US Dollar has shifted to the backfoot...

ENERGY
Oil Edges Up After OPEC+ Extends Output Cuts Through Second Quarter
Monday, 4 March 2024 15:13 WIB

Oil prices ticked up slightly on Monday following the widely expected extension of voluntary output cuts by the OPEC+ producer group on Sunday. Brent futures climbed 14 cents to $83.69 a barrel at...

CURRENCIES
Yen Weakens, Nikkei Futures Climb After BOJ Maintains Policy
Tuesday, 19 December 2023 10:12 WIB

The yen weakened while stock futures climbed after the Bank of Japan maintained its key policy settings.  The currency slid 0.5% to 143.49 per dollar at 11:56 a.m. in...