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 the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still trading below $65 a barrel and set for a weekly slump of about 8%. Prices have declined the past four days on the expectation OPEC+ will discuss fast-tracking more supply hikes. Meanwhile, efforts by the Trump administration to keep oil exports flowing from northern Iraq, as well as a US government shutdown, have added to the bearish sentiment. The OPEC+ meeting comes as...
The dollar headed for its worst week since late July on Friday (October 3rd) as the US government shutdown heightened uncertainty, while the yen weakened from this week's high as traders considered the Bank of Japan's next move ahead of this weekend's ruling party leadership election. The dollar index, which measures the greenback against a basket of major currencies, was flat at 97.77. The euro rose 0.2% to $1.1736. The pound sterling strengthened 0.1% to $1.345. "The government shutdown in the US is having an impact on market participants, meaning we're not getting the data we normally...
Gold prices held steady on Friday (October 3), poised for a seventh consecutive weekly gain, driven by expectations of further US interest rate cuts and concerns over the economic impact of a prolonged government shutdown. Spot gold rose 0.03% to $3,857.25 an ounce at 09:21 GMT, after hitting a record high of $3,896.49 on Thursday. Bullion has gained 2.6% so far this week. US gold futures for December delivery rose 0.32% to $3,880.50 an ounce. The prolonged US government shutdown, now in its third day since Friday, has delayed key economic data, including the non-farm payrolls report...
Oil prices edged higher on Friday but remained on course for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures gained 43 cents, or 0.67%, to $64.54 a barrel by 0826 GMT. U.S. West Texas Intermediate crude was up 46 cents, or 0.76%, at $60.94. For the week, Brent was trading 8% down and WTI was on course for a 7.3% decline. "We are in a wait-and-see mode for what the OPEC+ Group of Eight will decide over the weekend," said UBS analyst Giovanni Staunovo, adding that Friday's modest price recovery is likely to be attributable to positive risk...
Silver slipped below $47 per ounce on Friday but remained on track for a seventh consecutive weekly gain, supported by expectations of further US rate cuts and uncertainty from the government shutdown. Recent US data reinforced bets on more easing, with markets nearly fully pricing in a 25 basis point cut this month and another by December. Politically, the shutdown has so far shown limited direct impact, though it heightened concerns over fiscal policy, inflation risks and labor market weakness. It also triggered a data blackout, forcing the Labor Department to postpone Friday's September...
The Australian dollar (AUD) weakened slightly against the US dollar (USD) following the release of a number of economic data, but then stabilized on Friday. Recent data showed that business activity in Australia is slowing. The Composite Purchasing Managers' Index (PMI) fell to 52.4 in September, from 55.5 in August. This indicates that economic growth is still ongoing, but at a slower pace, marking the lowest level since June. The services sector also slowed, although it continued to grow for 20 consecutive months. Furthermore, Australia recorded a decline in its trade surplus. In August,...
Gold edges higher in early Asian trade, aided by risks that the U.S. government shutdown may weaken the economy, potentially prompting more Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. Treasury Bessent said in an interview with CNBC on Thursday that the shutdown has the potential to chip away at U.S. economic growth. Gold prices are supported by expectations of easier monetary policy, central bank demand and a weak U.S. dollar, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. Spot gold is 0.1% higher at...
Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that's expected to result in the return of more idled barrels, exacerbating concerns around oversupply. West Texas Intermediate futures traded below $61 a barrel, down almost 8% for the week. Brent closed near $64 on Thursday. The alliance is scheduled to meet on Sunday to make a decision on output for November, and could discuss fast-tracking supply hikes as the group seeks to reclaim market share. There are already early signs that global oversupply may be emerging in 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....