OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year's expectation was left unchanged. Oil supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 630,000 barrels per...
Oil prices rose on Thursday, recovering from the previous day's decline, on news that the US and China agreed to further trade talks after a phone call between US President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 48 cents, or 0.7%, at $65.34 a barrel. US West Texas Intermediate crude futures were up 52 cents, or 0.8%, at $63.37 a barrel. "If we move away from the brink of a major trade war, that would raise expectations for oil demand both in the US and China," said Phil Flynn, senior analyst at Price Futures Group. The official Xinhua news agency reported...
Gold prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%. Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product." He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved...
Gold prices held firm on Thursday (05/06), supported by easing geopolitical tensions, dovish central bank signals and continued weakness in US labor market data, factors that continued to boost demand for safe-haven assets. After testing the key psychological level of $3,400 during the European session, prices eased slightly but remained elevated as markets digested positive developments. US President Donald Trump announced via Truth Social that he had a productive and positive 90-minute phone call with Chinese President Xi Jinping, where they discussed details of a recently concluded trade...
Oil prices rose 1% on Thursday, recovering from the previous day's decline as traders responded to news that U.S. and Chinese teams would meet soon, following a trade call between U.S. President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT (15:36 GMT). U.S. West Texas Intermediate crude was up 66 cents, or 1.05%, at $63.51 a barrel. "If we step back from the brink of a major trade war, that would raise expectations for oil demand in both the U.S. and China," said Phil Flynn, senior analyst at Price Futures...
Oil climbed as signs the US and China may be ironing out their trade differences helped allay concern with large OPEC+ output increases. Brent futures extended gains after China's official news agency reported that Presidents Donald Trump and Xi Jinping spoke over the phone. Still, prices have been largely bound to a narrow price range near $65 a barrel since the middle of May. Gains were contained in equity markets as traders await US jobs data due on Friday. Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
In...