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 after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures were up 19 cents, or 0.3%, to $65.09 a barrel at 1215 GMT. U.S. West Texas Intermediate crude was up 24 cents, or 0.4%, to $62.08 a barrel. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked to address some...
Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a U.S. trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key U.S. inflation data later this week. Spot gold was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20. U.S. gold futures were steady at $3,294.60. The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on U.S. trade partners. The White House swiftly appealed the...
The U.S. dollar rose Thursday, bouncing after a court blocked President Donald Trump's import tariffs on other countries, as traders expected fewer trade-related headwinds for the U.S. economy. At 06:50 ET (10:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.1% to 99.850, after earlier climbing above 100 for the first time in a week. Dollar helped by court ruling The dollar extended its recent recovery into a third consecutive session after the U.S. Court of International Trade ruled that Trump overstepped his authority with his...
The Pound Sterling (GBP) recovers early losses against the US Dollar (USD), after hitting a bottom of 1.3415, and trades flat around 1.3470 during European trading hours on Thursday. The GBP/USD pair rebounds as the US Dollar surrenders a chunk of its initial gains, as the United States (US) Court of International Trade's verdict against President Donald Trump's tariffs increases economic uncertainty further. The event also seems critical for business owners, who started designing their procurement strategies, considering Trump's levies as the new normal for the global economy. The US...
Oil prices rose by around $1 a barrel on Thursday after a U.S. court blocked most of President Donald Trump's tariffs, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed $1.12, or 1.7%, to $66.02 a barrel. U.S. West Texas Intermediate crude advanced by $1.14, or 1.8%, to $62.98 a barrel at 0800 GMT. A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The court was not asked...
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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