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...
EUR/USD fell after hitting a six-week peak of 1.1454 on Tuesday (03/06) amid growing market concerns about a trade war triggered by the United States (US). The appreciation of the greenback weighed on the currency pair, which was trading at 1.1379, down 0.52%. Wall Street remained in the green zone on news that US President Donald Trump will reportedly speak with Chinese President Xi Jinping this week, according to Reuters sources. Data from the United States lifted the US Dollar (USD), which has been battered and lost almost 2% this week, according to the US Dollar Index (DXY). The US Job...
Oil prices rose about 2% on Tuesday to their highest in two weeks as geopolitical tensions between Russia and Ukraine continued, and the U.S. and Iran appeared set to keep sanctions on OPEC+ members Russia and Iran in place for a while longer. Brent crude futures rose $1, or 1.5%, to settle at $65.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 89 cents, or 1.4%, to settle at $63.41. "Risk premiums have increased this week as the prospect of a Russia/Ukraine ceasefire and Iran nuclear deal now appear to have been put on hold for weeks or even months," analysts at energy...
Gold fell nearly 1% on Tuesday after hitting a near four-week high, pressured by a stronger dollar as investors turned cautious ahead of a potential call between U.S. President Donald Trump and Chinese leader Xi Jinping. Spot gold fell 0.9% to $3,352.30 an ounce by 2:26 p.m. ET (1826 GMT), after hitting its highest since May 8 earlier in the session. U.S. gold futures settled 0.6% lower at $3,377.10. The dollar (.DXY), opens a new tab , rose 0.5% from a more than month-long low hit earlier in the session, making gold more expensive for foreign buyers. "We're entering what's known as the...
Gold prices pared some of their gains on Monday as they fell more than 1% on Tuesday (03/6) following jobs data from the United States (US), which revealed that the labor market remains tight. At the same time, the overall strength of the greenback weighed on the non-yielding metal. XAU/USD was trading at $3,348 after hitting an intraday high of $3,392. Investors' mood turned optimistic after the release of the latest US Job Openings & Labor Turnover Survey (JOLTS), which showed that job openings rose sharply in April. The data was positive, ahead of a busy week of much-anticipated jobs...
Oil prices rose about 2% on Tuesday to their highest in two weeks, as persistent geopolitical tensions between Russia and Ukraine and the U.S. and Iran appeared likely to keep sanctions on Russia and Iran in place longer. Brent crude futures rose $1.11, or 1.7%, to settle at $65.74 a barrel by 11:21 a.m. EDT (1521 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.17, or 1.9%, to settle at $63.69. That put Brent on track for its highest close since May 14 and WTI on track for its highest close since May 13. "The risk premium has returned to oil prices after Ukraine's deep...
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.
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