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 prices headed for a third straight monthly decline, falling on Friday (October 31st) due to a stronger US dollar, weak Chinese data, and rising supply from major global producers. Brent crude futures fell 38 cents, or 0.6%, to $64.62 a barrel at 10:08 GMT, while U.S. West Texas Intermediate crude was at $60.19 a barrel, down 38 cents, or 0.6%. The U.S. dollar is nearing a three-month high against major currencies, making dollar-denominated commodities like oil more expensive. Meanwhile, sources told Reuters that Saudi Arabia, the world's largest oil exporter, may lower its December...
Gold held steady near $4,000 an ounce, as traders weighed a US-China trade truce that failed to quell concerns about a long-term rivalry between the world's two largest economies. Spot gold pared losses after falling as much as 0.9% an ounce on Friday during Asian trading hours. Chinese leader Xi Jinping called for stable supply chains in his first public speech after meeting with US President Donald Trump. The talks between the two leaders appeared to resolve—for now—the months-long dispute, but the one-year pause will likely only stabilize relations and give each side time to reduce...
EUR/USD weakened slightly as markets again doubted the chances of aggressive Fed easing. Powell's cautious comments prompted investors to seek refuge in the dollar, especially as global risk sentiment improved somewhat following news of the US-China trade war. Meanwhile, Europe is still awaiting new evidence on inflation and growth before the ECB dares to change its policy tone—as a result, the euro lacks a strong catalyst for a rebound. From a fundamental perspective, the Fed's "data-dependent" stance makes the dollar's direction sensitive to the next US economic release. If signs of a...
The US Dollar Index (DXY) held steady around 99.50 during the Asian session on Friday (October 31st). The greenback's movement was slight as market expectations for a Fed interest rate cut strengthened. According to the CME FedWatch Tool, the probability of a December rate cut is at 71%, up from 66% the day before, although still down from a peak of nearly 91% after Fed Chair Jerome Powell emphasized that further action would be data-dependent given the limited official data due to the US government shutdown. At its Wednesday meeting, the Fed cut interest rates by 25 basis points to...
Gold consolidated gains from a day earlier, holding above $4,000 an ounce as traders weighed a US-China trade truce that failed to quash concerns about long-term competition between the world's two largest economies. Bullion edged higher on Friday, after climbing 2.4% in the previous session to halt a four-day losing streak. While talks between Presidents Donald Trump and Xi Jinping appeared to resolve – for now – months of brinkmanship, a one-year pause is likely only to stabilize relations while buying each side time to reduce strategic dependence. The détente...
Oil headed for a third monthly drop on concerns about a global glut, with OPEC+ expected to back another supply hike this weekend. West Texas Intermediate fell toward $60 a barrel, on track for a monthly loss of more than 3%, while Brent settled at $65. The producers' group will hold discussions on Sunday, and members are expected to agree to revive another slice of halted capacity in a push to reclaim market share. Traders were also taking stock of the impact of Western sanctions on Russia, including US curbs on the nation's leading producers, Rosneft PJSC and...
Gold price rallies over than 1.50% on Thursday after the Federal Reserve (Fed) reduced rates as expected despite Chair Jerome Powell's hawkish comments at the press conference. Falling US Treasury yields and geopolitics boosted the yellow metal, which trades at $3,995 at the time of writing. Bullion rebounds above $3,990 amid softer yields and geopolitical jitters. On Wednesday, the Fed reduced borrowing costs by 25 basis points to 3.75%-4% on a 10-2 split vote. The two dissenters were Fed Governor Stephen Miran, voting for a 50-bps cut, and Kansas City Fed President Jeffrey Schmid, who...
The US dollar traded higher for the second consecutive day against a basket of currencies. The greenback strengthened sharply on Wednesday, following hawkish comments from Fed Chairman Jerome Powell, extending its gains to the 99.25 area in Thursday's European session, as investors weighed the scope of a Sino-US trade deal. US President Donald Trump said he had a "wonderful" conversation with his Chinese counterpart, Xi Jinping, which concluded with an agreement to reduce tariffs in exchange for free trade in rare earths and minerals from China and a pledge to resume purchases of US...
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....