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 British pound fell to around $1.34, its lowest in a week, after data showed the UK government borrowed £7.2 billion more than forecast in the first half of the fiscal year, underscoring the tough fiscal challenge facing Chancellor Rachel Reeves ahead of the November 26 budget. The budget deficit hit £99.8 billion, above the £92.6 billion projected by the OBR, as debt-interest costs surged 66% to £9.7 billion in September, the highest for that month on record.The deterioration, driven by high inflation, rising welfare costs, and weak tax receipts, raises fears that Reeves may need up to...
The euro continued to decline against the US dollar for the third consecutive day, driven by a strengthening dollar amid hopes that the US government shutdown would soon end. Furthermore, market expectations of a possible trade deal between the US and China also boosted demand for the dollar as a safe haven asset. Meanwhile, investors in Europe are still awaiting guidance from European Central Bank President Christine Lagarde regarding the direction of future interest rate policy. The market is also monitoring the impact of the Russian gas import ban on inflation in the eurozone. Although...
Gold is approaching a record high again after dip buying emerged following a sharp decline over the weekend. Prices are hovering around $4,365 per ounce, nearing the peak reached the previous day. Despite easing trade tensions and the prospect of the US government reopening soon, interest in safe-haven assets remains high. US Treasury yields fell on Monday as evidence of an oil surplus eased inflation concerns ahead of Friday's consumer price index release. Since early October, some official data has been delayed due to the government shutdown, forcing the market to rely more on alternative...
Oil held steady as the market weighed signs of a widening surplus ahead of this week's US-China trade talks. West Texas Intermediate was near $57 per barrel, while Brent was around $60 on Tuesday. Vortexa data showed the amount of oil on seaborne tankers hit a record as producers continued to increase supply while demand growth slowed. Price pressures remain. Oil is headed for a third monthly decline due to expectations of a widening surplus. Some projections even see Brent at risk of falling to around $50 per barrel next year. In the derivatives market, the timeframe for both benchmarks...
Oil prices settled at their lowest level since early May on Monday as investors weighed the potential for a global oversupply, with U.S.-China trade tensions adding to concerns about an economic slowdown and weakening energy demand. Brent crude futures closed down 28 cents, or 0.46%, at $61.01 a barrel. U.S. West Texas Intermediate crude futures closed down 2 cents, or 0.03%, at $57.52. Both benchmarks fell more than $1 earlier in the session, and both closed at their weakest levels since early May. Oil traders' concerns have shifted from undersupply to oversupply, as indicated by the...
Gold prices rose more than 2% on Monday (October 20th), boosted by expectations of further US interest rate cuts and continued demand for safe-haven assets, as investors awaited US-China trade talks and US inflation data this week. Spot gold rose 2.3% to $4,346.39 an ounce, as of 1:47 PM ET (17:46 GMT). US gold futures for December delivery closed 3.5% higher at $4,359.40 an ounce. Gold hit a record high of $4,378.69 on Friday, but closed 1.8% lower—its sharpest decline since mid-May—after comments from US President Donald Trump eased some concerns about US-China trade tensions. Political...
Gold prices rose more than 2% on Monday (October 20th), driven by expectations of further US interest rate cuts and continued demand for safe-haven assets, as investors awaited US-China trade talks and US inflation data this week. Spot gold prices rose 2.1% to $4,336.94 an ounce, as of 11:04 a.m. ET (1504 GMT). US gold futures for December delivery rose 3.3% to $4,354 an ounce. Gold hit a record high of $4,378.69 on Friday, but closed 1.8% lower—its sharpest decline since mid-May—after comments from US President Donald Trump eased some concerns about US-China trade tensions. Political and...
Oil prices held losses after a third week of declines as traders weighed growing evidence that a long-awaited surplus was finally starting to emerge. West Texas Intermediate prices fell to trade near $57 a barrel as investors repositioned ahead of this week's November contract expiration, adding to volatile trading. Floating storage rose to new highs as producing countries continued to add barrels and tankers sailed farther for deliveries, among the most visible signs of an oversupplied market. Oil futures have fallen more than 20% from their summer highs as the Organization of 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....