Oil headed for a third weekly decline as investors focused on supply and the fallout of renewed US-China trade tensions. West Texas Intermediate traded above $57 a barrel and is on track for a 2.4% weekly drop, while Brent settled near $61. US President Donald Trump said he would hold a second meeting with Russian President Vladimir Putin "within two weeks or so" aimed at ending the war in Ukraine, raising the prospect that an increase of barrels from the OPEC+ member will exacerbate a global gut. Oil is set to notch its longest weekly losing streak since March, as investors...
Oil prices plunged more than 1% on Thursday (October 16) after U.S. President Donald Trump said he and Russian President Vladimir Putin agreed to meet soon in Hungary to discuss ending the war in Ukraine, which has raised uncertainty over global energy supplies. Brent crude futures closed 85 cents, or 1.37%, lower at $61.06 per barrel. U.S. West Texas Intermediate crude futures closed 81 cents, or 1.39%, lower at $57.46. This was the lowest close for both benchmarks since May 5. Trump said he and Putin agreed on Thursday to meet soon in Budapest to discuss ending the war in Ukraine, one...
Gold hit a record high for the fourth straight session on Thursday, surging above $4,300 per oz as investors flocked to the safe-haven metal amid escalating U.S.-China trade tensions and the U.S. government shutdown, with speculation of an interest rate cut fueling the momentum. Spot gold rose 2.6% to $4,316.99 per oz at 4:07 p.m. ET (2007 GMT), after bullion hit a record high of $4,318.75 earlier. U.S. gold futures for December delivery closed 2.5% higher at $4,304.60, after hitting a record high of $4,335/oz. The yellow metal has gained more than 60% so far this year, driven by...
Gold has surged to a record high, fueled by speculation that the Federal Reserve will continue monetary easing and escalating U.S.-China tensions. The price of bullion has risen more than 6% so far this week and peaked above $4,280 an ounce on Thursday, continuing a sharp rally that began in August. This buying has also spread to other precious metals, with silver surging more than 3% on Wednesday as the London market remains tight. Traders are betting on at least one major U.S. interest rate cut by the end of the year, while Fed Chairman Jerome Powell hinted this week that the central...