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 were steady on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt fuel demand. Brent crude futures fell 17 cents to $64.61 a barrel by 8:35 a.m. ET while U.S. West Texas Intermediate crude futures fell 18 cents to $61.35 a barrel. Both contracts were trading higher earlier in the session after Trump said he had agreed to extend a deadline for trade talks with the European Union until July 9, marking another temporary suspension of trade policy. Global markets rose...
Gold prices fell on Monday after U.S. President Donald Trump reversed course on his threat to impose 50% tariffs on goods from the European Union beginning June 1, reducing demand for the safe-haven asset. Spot gold was down 0.7% at $3,334.53 an ounce, as of 0848 GMT. U.S. gold futures fell 1% to $3,333.40. "I would call it a range-trading day," said Giovanni Staunovo, UBS analyst, attributing the modest drop in prices to Trump's decision to delay the imposition of higher tariffs on the EU. "With U.S. Memorial Day, activity is likely to be on the lower end today." The markets in the...
Gold price (XAU/USD) sticks to its modest intraday losses through the early part of the European session, though it lacks follow-through selling and remains close to over a two-week high touched on Friday. The latest optimism led by US President Donald Trump's decision to delay the implementation of tariffs on the European Union (EU) prompts some profit-taking around the safe-haven commodity, especially after last week's strong rally of nearly 5%. Meanwhile, worries over the worsening US fiscal health and the growing acceptance that the Federal Reserve (Fed) will cut rates further in 2025...
Oil prices recorded limited gains on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt the global economy. Brent crude futures rose 18 cents, or 0.28%, to $64.96 a barrel by 0653 GMT while U.S. West Texas Intermediate crude was up 17 cents, or 0.28%, at $61.7 a barrel. "A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline," IG market analyst Tony Sycamore said. Trump said he agreed to extend a deadline for trade...
The Japanese yen steadied around 142.5 per dollar on Monday, maintaining gains after a 2% surge last week, supported by a weaker US dollar as President Donald Trump's unpredictable trade policies rattled investor confidence in US assets. Trump most recently threatened to impose a 50% tariff on the European Union, only to delay the measure days later. He also warned of a potential 25% levy on iPhones sold in the US that are not manufactured domestically, adding to broader trade policy uncertainty. At home, investors continue to gauge the Bank of Japan's policy outlook, with expectations...
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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