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 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...
Gold futures slide after the U.S. Court of International Trade ruled President Trump didn't have the authority to impose sweeping tariffs on nearly every nation. Futures are down 0.6% at $3,288.0 a troy ounce. The court blocked Trump's "Liberation Day" tariffs on Wednesday, voiding the levies that triggered a global trade war and threatened an economic slowdown. The court's tariff ruling does dim some of the safe-haven appeal of gold and table some headline uncertainty, RBC Capital Markets analysts say in a note. The stronger U.S. dollar is also adding pressure on gold, forming an...
The GBP/USD pair trades in negative territory around 1.3435 during the early European session on Thursday. The Greenback strengthens against the Pound Sterling (GBP) after the US trade court blocks US President Donald Trump's sweeping tariffs. The preliminary reading of the US Gross Domestic Product (GDP) report for the first quarter (Q1) will be the highlight later on Thursday. The summary of the May meeting of the Federal Open Market Committee (FOMC) suggested that uncertainty about the economic outlook has increased further. Federal Reserve (Fed) officials said meeting its dual goals of...
The Australian Dollar (AUD) remains subdued for the fourth successive session on Thursday, following disappointing Private Capital Expenditure data for the first quarter. The AUD/USD pair extends its losses as the US Dollar (USD) is trading higher after a US federal court blocked US President Donald Trump's "Liberation Day" tariffs from taking effect. A Reuters report showed that a federal trade court ruled Trump didn't have the authority to impose sweeping tariffs on imports from countries that sell more to the US. The Trump administration has halted some sales of jet engines,...
The USD/CHF pair regains positive traction following the previous day's directionless price move and jumps to over a one-week high, around the 0.8345-0.8350 area during the Asian session Thursday. Moreover, the fundamental backdrop supports prospects for an extension of a multi-day-old uptrend from sub-0.8200 levels, or a nearly three-week low touched on Monday. The global risk sentiment gets a strong boost after the Court of International Trade on Wednesday blocked US President Donald Trump's proposed reciprocal trade tariffs. Wall Street futures and equities across Asia rise sharply in...
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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