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 more than 2% on Monday, even as the OPEC+ producer group stuck to its output hike plan, as wildfires in Canada's oil-producing provinces threatened supplies and President Donald Trump's threat of new tariffs weighed on the dollar. Brent crude rose $1.76, or 2.8%, to $64.54 a barrel by 2:14 p.m. EDT (1814 GMT). U.S. West Texas Intermediate crude rose $1.63, or 2.68%, to $62.42. Wildfires burning in Canada's oil-producing province of Alberta have affected about 7% of the country's total crude output as of Monday, according to Reuters calculations. At least two thermal oil...
Gold prices jumped 2.5% on Monday to above $3,370 an ounce, hitting their highest in more than three weeks as investors sought a safe haven amid rising geopolitical and economic risks. A 0.7% drop in the dollar made the metal more attractive to foreign buyers, further fueling the rally. Market jitters mounted after U.S. President Donald Trump announced plans to double tariffs on steel and aluminum imports to 50%, effective June 4, adding to existing trade tensions with China. Trump also accused Beijing of violating a recent tariff truce, while China retaliated with its own accusations,...
The dollar's decline this year risks accelerating, with June providing a number of potentially negative catalysts. The 2025 decline, though steeper by more than 7% — so far orderly, but the scale and scope of the dollar's selling is likely to increase on any dovish Fed pricing later in the year. The dollar fell on Monday — down against all G10 currencies — after just posting its fifth straight monthly decline in its longest losing streak since 2020. Traders began the month grappling with deteriorating diplomatic relations between the U.S. and China over trade and weaker-than-expected...
Gold rose more than 2% on Monday to its highest in more than three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fueled investor demand for safe-haven assets. Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m. ET (1419 GMT), after hitting its highest since May 8 earlier in the session. U.S. gold futures were up 2.6% at $3,402.70. The dollar (.DXY), fell 0.7% against a basket of other currencies, making bullion cheaper for holders of other currencies. Stocks also fell as U.S.-China trade tensions escalated and investors braced for a...
The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and unleash inflation. The U.S. currency started the week on the back foot after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were "groundless," and promised 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.
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