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 increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the...
Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week's rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at its September monetary policy meeting, a shift markets now treat as a near certainty following a string of weak US labor market data. The yellow metal has already climbed about 38% so far this year, underscoring its strong appeal as investors flock to safe-haven assets. At the time of writing, XAU/USD is trading around $3,635, pushing into uncharted...
Oil prices rebounded after last week's decline after OPEC+ agreed to raise production at a modest rate, amid doubts about how many members could continue to increase output. The rise marked a reversal of production cuts that were previously set to last until the end of 2026—following the return of most of the oil production that had been halted for several months—as the alliance seeks to regain market share. This signals the alliance's confidence in further pushing its bold oil market strategy. Brent rose above $66 per barrel after falling nearly 4% last week, when it became clear that a...
Gold's rally extended beyond the $3,600 level for the first time on Monday after weak US employment data reinforced expectations of a Federal Reserve interest rate cut next week. Spot gold rose 0.9% to $3,617.79 per oz at 12:09 GMT after hitting a record high of $3,622.07 earlier in the session. Bullion prices have surged about 37% so far this year, extending their 27% rally in 2024, driven by a weaker dollar, strong central bank buying, a weak monetary policy environment, and geopolitical and economic uncertainty. US gold futures for December delivery were unchanged at $3,657.20. US job...
Investors could close out early bets on the dollar if upcoming US inflation data prompts the market to reduce expectations of a Federal Reserve rate cut, Rabobank's Jane Foley said in a note. Commodity Futures Trading Commission data shows that speculators have consistently been net short the dollar, expecting a cut, since mid-June. This makes the dollar vulnerable to speculators covering these positions, or short covering, especially given the challenges facing other G-10 currencies such as the French government crisis, the UK's budget woes, and the leadership contest in Japan's Liberal...
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...