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...
The Japanese yen strengthened toward 142 per dollar on Tuesday, reaching its highest level in four weeks as the US dollar continued to retreat amid growing fiscal concerns. Market sentiment was weighed down by President Donald Trump's sweeping tax and spending bill, which is expected to significantly widen the US fiscal deficit. The yen also benefited from safe-haven demand as investors reacted to increased market volatility driven by Trump's unpredictable trade stance. After threatening to impose a 50% tariff on the European Union, Trump abruptly delayed the measure, adding to investor...
Oil prices were little changed in Asian trading on Tuesday, as investors stayed on the sidelines ahead of a closely watched OPEC+ meeting that could provide key signals on future supply levels. Market activity remained muted, partly due to Monday's public holidays in both the U.S. and the UK. As of 20:58 ET (00:58 GMT), Brent Oil Futures expiring in July edged up 0.1% to $64.77 per barrel, while West Texas Intermediate (WTI) crude futures were unchanged at $61.53 per barrel. Oil was supported as U.S. President Donald Trump on Monday extended a deadline for his proposed reciprocal tariffs...
The dollar index held below 99 on Tuesday, trading at five-week lows as growing concerns over the US fiscal outlook and shifting trade policies undermined investor confidence in US assets. Market attention is now focused on upcoming Senate debates over Trump's sweeping tax cut and spending bill, which is expected to significantly expand the national debt. According to the Congressional Budget Office, the proposed measures could add approximately $3.8 trillion to the federal government's $36.2 trillion debt over the next decade. On the trade front, Trump's decision to postpone the...
Gold continued to edge lower as demand for safe-haven assets eased, with investors weighing the prospect of improved trade relations between the US and EU. Bullion was trading near $3,347 an ounce, after falling 0.4% on Monday, after Brussels said it would speed up negotiations with Washington to avoid a trans-Atlantic trade war. Both sides have softened their approach after US President Donald Trump initially criticized the bloc for stalling talks. Demand for safe-haven assets such as bullion has been hit by signs that the White House may be making progress in negotiations with some...
EUR/USD started the week on a positive note but pared some of its earlier gains after hitting a four-week high of 1.1420, sponsored by US President Donald Trump's reversal of his decision to impose tariffs on the European Union (EU) on June 1. At the time of writing, the major was trading at 1.1380, up 0.20%. Last week, late on Friday, Trump threatened to impose 50% tariffs on EU goods on June 1, as negotiations with the bloc were not going as expected. This triggered a rally in EUR/USD, which ended at a two-day high of 1.1375. However, a phone call between EU Commission President Ursula...
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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