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 Friday as Ukrainian drone attacks on Russian energy infrastructure cut the country's fuel exports. Brent crude futures closed at $70.13 per barrel, up 71 cents, or 1.02%. U.S. West Texas Intermediate (WTI) crude closed at $65.72 per barrel, up 74 cents, or 1.14%. Both benchmarks are expected to post their biggest gains since mid-June. "The market continues to focus on the situation between Russia and Ukraine," said John Kilduff, a partner at Again Capital. "These drone attacks by Ukraine are starting to escalate." Russia will impose a partial ban on diesel exports until...
Gold strengthened on Friday (September 26th) after US inflation data matched expectations, bolstering speculation that the Federal Reserve will continue interest rate cuts later this year. Spot gold rose 0.8% to $3,778.62 an ounce at 1:30 p.m. EDT (17:30 GMT), after hitting a record $3,790.82 earlier in the week. The precious metal has risen about 2.5% this week. US gold futures for December delivery closed 1% higher at $3,809. "Monthly PCE data was appropriate, although personal income and spending were only a tenth above expectations. None of this data will deter the Fed from continuing...
Oil prices rose on Friday (September 26), on track for a weekly gain of more than 4%, as Ukraine's attack on Russian energy infrastructure prompted Moscow to restrict fuel exports. Brent crude futures rose 89 cents, or 1.28%, to $70.31 a barrel at 9:46 a.m. CDT (14:46 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.16, or 1.79%, to $66.14 a barrel. "The market continues to focus on the situation between Russia and Ukraine," said John Kilduff, a partner at Again Capital. "These drone attacks by Ukraine are starting to have an impact." Both benchmark oil prices are expected to post...
The British Pound (GBP) gains traction against the US Dollar (USD) on Friday, with GBP/USD snapping a two-day losing streak. At the time of writing, the pair is hovering near 1.3393, staging a modest recovery after dropping to its weakest level in about seven weeks on Thursday. Fresh momentum in Sterling came after the release of the August US Personal Consumption Expenditures (PCE) Price Index, which broadly met market forecasts and offered no new hawkish cues for the Federal Reserve (Fed). The data kept the Greenback on the defensive, with the US Dollar Index (DXY), which gauges the...
Gold (XAU/USD) extends gains on Friday, pushing past the recent $3,760-$3,720 range. At the time of writing, XAU/USD is trading around $3,780, hovering just below the all-time high of $3,791 set earlier this week, as the US Dollar (USD) corrects lower in the wake of the latest US economic data. The core PCE Price Index, the Federal Reserve's (Fed) preferred gauge of underlying inflation, rose 0.2% MoM, matching forecasts and down from July's originally reported 0.3%, which was revised lower to 0.2%. On an annual basis, the core measure held steady at 2.9%, underscoring that inflation is...
Oil prices were steady on Friday, on track for a more than 4% weekly gain, as Ukraine's attacks on Russia's energy infrastructure prompted Moscow to curb fuel exports. Brent futures lost 3 cents to $69.39 a barrel by 1146 GMT while U.S. West Texas Intermediate (WTI) crude was down 6 cents at $64.92 a barrel. "The geopolitical risk premium, which has been steadily building over the last two months as Ukrainian drone strikes intensified, has now materialised into an actual supply shortage, much to the detriment of Europe, which is structurally short of distillates," said PVM analyst Tamas...
The data helped boost USD-supportive spreads and pare expectations around Fed easing risks over the balance of the year. A dose of geo-political worries added some further support to the USD at the margin. The USD has steadied in overnight trade but, at this point, it is looking at a fairly solid gain on the week following last week's rejection of the low 96 area. A new round of hefty tariffs (pharma, heavy trucks, household goods) announced by the White House has failed to move markets materially." "European stocks are mostly firmer and while the pharma sector is underperforming, it is...
EUR/USD is posting moderate gains on Friday, trading near 1.1675 at the time of writing on Friday from 1.1645 daily lows, but remains on track for a 0.55% weekly decline. In the United States (US), a batch of upbeat macroeconomic figures eased concerns about an economic downturn on Thursday, while in Europe, data have been uninspiring this week. To make matters worse, US President Donald Trump rattled markets with a new round of tariffs. Data from the US Bureau of Economic Analysis revealed that the Gross Domestic Product (GDP) grew at a stronger pace than previously estimated in the second...
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....