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 rose on Tuesday (October 21), bouncing off a five-month low in the previous session, as investors reassessed expectations of a possible oversupply and sought clarity on the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 31 cents, or 0.5%, to $61.32 a barrel, while U.S. West Texas Intermediate crude for November delivery, which expires on Tuesday, closed up 30 cents, or 0.5%, to $57.82. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by the Organization of the...
Gold prices were on track for their sharpest daily decline in five years on Tuesday (October 21st), as investors took profits after expectations of a US interest rate cut and continued demand for safe-haven assets pushed the precious metal to a record high in the previous session. Spot gold prices fell 5.5% to a one-week low of $4,115.26 an ounce at 1:45 a.m. EDT (1745 GMT), the steepest decline since August 2020. US gold futures for December delivery closed 5.7% lower at $4,109.10 an ounce. Prices hit an all-time high of $4,381.21 on Monday and have risen about 60% this year, driven by...
Oil prices edged higher on Tuesday (October 21st) amid volatile trading, as investors focused on expectations that the market may be oversupplied and sought clarity regarding the trade dispute between the U.S. and China, the world's two largest oil consumers. Brent crude rose 23 cents, or 0.4%, to $61.24 a barrel at 11:38 a.m. ET (15:38 GMT). The U.S. West Texas Intermediate crude contract for November delivery, which expires on Tuesday, rose 22 cents, also 0.4%, to $57.74. Both contracts hit their lowest levels since early May on Monday, as record U.S. oil production and the decision by...
Gold and silver experienced their sharpest sell-offs in years as investors locked in profits amid concerns that the precious metals' recent historic rally has overvalued them. Spot gold prices plunged 6.3%, their biggest drop since 2013, while spot silver fell 8.7% to $47.89 an ounce after technical indicators suggested the previous rally may have been overdone. Traders also cited a stronger dollar as reducing the metals' appeal, while recent comments from the White House eased concerns about the US-China trade talks. The closure of India, the second-largest gold buyer, for the Diwali...
Oil prices stabilise as oversupply concerns ease Oil prices steadied on Tuesday on easing concerns about an oversupplied market and the trade dispute between the U.S. and China, the world's top two oil consumers. Brent crude futures were up 7 cents, or 0.11%, at $61.08 a barrel at 1320 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery, set to expire on Tuesday, was up 14 cents, or 0.24%, to $57.66. Prices stabilised on Tuesday after hitting their lowest levels since early May on Monday, amid mounting concerns of oversupply and slowing economic growth...
The U.S. dollar rose slightly higher Tuesday, stabilizing after recent banking-induced losses as the prospect of upcoming trade talks between the U.S. and China helped ease some concerns over a renewed trade war. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 98.570, after recording last week the biggest five-day retreat since late July. Dollar stabilizes after banking woesAttention in the foreign exchange markets has drifted away from concerns about the state of the U.S. banking sector with U.S. equities extending the rebound...
Gold extends its Asian session retracement slide from the vicinity of the all-time peak and touches a fresh daily low, around the $4,331-4,330 region in the last hour. The US Dollar attracts buyers for the third straight day, and turns out to be a key factor that prompts some profit-taking amid still overbought conditions on the daily chart. A generally positive tone around the equity markets contributes to driving flows away from the safe-haven precious metal. However, concerns that a prolonged US government shutdown would affect the economy, along with dovish Federal Reserve (Fed)...
Silver dropped more than 5% below $50 per ounce on Tuesday, retreating further from record highs reached last week, as investors locked in profits following a sharp rally driven by macroeconomic and physical market factors. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions, hopes for an end to the US government shutdown, and solid corporate earnings. US President Donald Trump said he expects to reach a fair trade deal with China's President Xi Jinping during their upcoming meeting in South Korea. Meanwhile, traders await Friday's...
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....