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 as markets weighed the risk of additional U.S. sanctions on Russia and the possibility that nuclear talks with Iran would fail to produce a deal. West Texas Intermediate crude rose more than 2% to $62 a barrel after President Donald Trump said Russian President Vladimir Putin was "playing with fire" by escalating attacks on Ukraine. The U.S. is considering additional sanctions on the country after aggressive actions against Russia's oil industry earlier this year sent crude surging past $80 a barrel. Russia-Ukraine talks are set to be held in Istanbul on June 2, according to...
Gold fluctuated after a two-day decline as markets remained in wait-and-see mode despite data showing improving economic sentiment and signs of progress in trade talks. Bullion fell as much as 0.3% after earlier rising as much as 0.7%, while the dollar wavered and Treasury yields edged higher. Investors weighed improving trade relations between Washington and Brussels. The European Union's trade chief, Maros Sefcovic, said he planned to speak with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Thursday, as the EU has sought to speed up negotiations...
The U.S. dollar rose for a second day on Wednesday on optimism that a trade deal will brighten the U.S. economic outlook, while the Japanese yen weakened after the government saw weak demand for 40-year bonds. Pessimism about the U.S. economy has eased after Trump delayed plans to impose 50% tariffs on European Union imports over the weekend and following a deal with China earlier this month to reduce tariffs imposed on each other. "The quick reversal of tariff threats against Europe over the weekend has improved risk appetite and reduced negative perceptions about the U.S. growth...
The dollar index edged up to 99.7 on Wednesday, extending a nearly 0.4% gain from the previous session, as traders awaited fresh catalysts while continuing to monitor trade tensions and fiscal developments under the Trump administration. Despite the recent uptick, the greenback remains near its 2023 lows reached in April and is down more than 7% year-to-date. On Sunday, President Trump postponed the implementation of a planned 50% tariff on EU imports to July 9th, just days after announcing the sweeping measure. Meanwhile, his so-called "big beautiful bill" narrowly passed the House of...
Oil prices inched up on Wednesday, with the U.S. barring Chevron (CVX.N), opens new tab from exporting crude from Venezuela and production shut-ins from Canada, while markets eyed an expected production increase from OPEC+. Brent crude futures rose 54 cents, or 0.8%, to $64.63 a barrel by 1050 GMT, while U.S. West Texas Intermediate crude gained 64 cents, or 0.9%, to stand at $61.45 a barrel. The Trump administration has issued a new authorisation for U.S.-major Chevron (CVX.N), opens new tab that would let it keep assets in Venezuela but not export oil or expand activities, Reuters...
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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