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...
U.S. crude futures fell on Friday as traders expected OPEC+ to decide on Saturday to increase oil output for July beyond previous estimates. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. U.S. West Texas Intermediate crude settled down 15 cents, or 0.25%, at $60.79 a barrel, after earlier dropping more than $1 a barrel. Brent July futures expire on Friday. The more liquid August contract fell 71 cents, or 1.12%, to $62.64 a barrel. At that level, the benchmark front-month contract was headed for a weekly loss of more than 1%. Prices dipped into negative territory...
Gold prices fell on Friday as the dollar strengthened and markets digested the latest tariff developments, while a softer inflation report kept hopes of a U.S. interest rate cut alive. Spot gold fell 0.7%, to $3,293.59 an ounce, by 2:26 p.m. ET (1826 GMT) and is down 1.9% so far this week. U.S. gold futures settled 0.9% lower at $3,315.40. The dollar index rose 0.1%, making gold more expensive for holders of other currencies. A federal appeals court temporarily reinstated President Donald Trump's most sweeping tariffs on Thursday, a day after a U.S. trade court ruled that Trump had...
Gold fell and the dollar strengthened as traders assessed U.S. data on consumer spending, import flows and fresh trade tensions between the U.S. and China. Consumers stepped back in April while imports plunged sharply as companies adjusted to higher tariffs. Meanwhile, the Federal Reserve's preferred price gauge remained tame, reinforcing bets that the U.S. central bank won't need to lower borrowing costs until later this year. That scenario would be negative for bullion as it typically benefits from lower interest rates. On the trade front, U.S. President Donald Trump said China was not...
The dollar strengthened amid uncertainty over U.S. tariffs and after mixed economic data. The Bloomberg Dollar Spot Index rose 0.1%, paring an earlier 0.3% gain from a weaker-than-expected Chicago PMI; fell 0.6% in May and is set for the longest monthly decline since August 2020 U.S. personal income data beats forecasts, but personal spending falls in April; Consumer sentiment rebounds in May US Consumers Hit Brakes as Goods Imports Fall Sharply US Consumer Sentiment Improves in Latest Michigan Survey in May Proposed tax measures in the US tax and spending bill that could raise tax...
Oil prices fell on Friday and headed for a second straight weekly decline, as investors weighed the potential for a bigger OPEC+ output hike in July and uncertainty spread over U.S. tariff policy after the latest changes on the floor. Brent crude futures were down 21 cents, or 0.33%, at $63.94 a barrel by 1451 GMT. U.S. West Texas Intermediate crude futures were down 34 cents, or 0.56%, at $60.60 a barrel. Brent futures for July expire on Friday. The more liquid August contract was trading 43 cents lower, or 0.71%, at $59.77 a barrel. At that level, the benchmark front-month contract was...
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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