Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
Oil prices rose on Thursday (July 24), boosted by expectations of Russian gasoline supply cuts and optimism over US trade negotiations that will ease pressure on the global economy, further boosted by a sharper-than-expected decline in US crude inventories. Brent crude futures rose 80 cents, or 1.17%, to $69.31 a barrel at 10:52 a.m. CDT (15:52 GMT). US West Texas Intermediate crude futures rose 97 cents, or 1.49%, to $66.22 a barrel. "Russia's willingness to cut gasoline exports is giving the market a boost," said Phil Flynn, senior analyst at Price Futures Group. "The market is looking...
Gold fell as the latest US jobs report showed strength in the labor market, reinforcing the view that the Federal Reserve will maintain interest rates for the time being. US unemployment benefit applications fell for a sixth straight week, the longest losing streak since 2022. The dollar and bond yields pushed higher, weighing on bullion. Swap traders slightly trimmed their bets for interest rate cuts, projecting fewer than two cuts this year. Outflows from Chinese exchange-traded funds into gold also weighed on the market, according to Daniel Ghali, senior commodity strategist at TD...
Gold price (XAU/USD) trades almost 0.7% lower around $3,360 during the European trading session on Thursday. The precious metal faces a sharp selling pressure as global trade worries have eased amid hopes that the United States (US) and the European Union (EU) will close a trade agreement before the August 1 tariff deadline. On Wednesday, a report from Financial Times (FT) showed that EU officials have signaled green signal to a trade pact with the US to avert a damaging trade war. Market experts believe the US-Japan deal confirmed on Tuesday increased fears among EU officials that they...
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the EU and the United States were moving towards a trade...
The Pound Sterling (GBP) declines against its major peers on Thursday as the preliminary United Kingdom (UK) S&P Purchasing Managers' Index (PMI) report for July has shown that the overall business activity grew at a slower-than-projected pace. The Composite PMI come in at 51.0, lower than estimates of 51.9 and 52.0 in June, suggesting that the overall business activity continued to expand, but at a moderate pace. UK Composite PMI growth slowed down as the service sector activity surprisingly rose at a moderate pace. The Services PMI dropped to 51.2, while it was expected to come in...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...