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...
Gold steadied after its first decline this week, as some traders turned to longer-term U.S. Treasury bonds and the dollar instead of the precious metal. Bullion traded near $3,300 an ounce, reversing gains made on Thursday, and is still up nearly 3% this week after buying the safe-haven asset following a Moody's downgrade of the U.S. rating. The world's largest economy faces a precarious fiscal situation, with a growing debt pile and rising interest payments that could lead to higher borrowing costs and make it harder to reduce the deficit. The precious metal has surged by about a quarter...
The Australian dollar (AUD) was under pressure again on Thursday (5/22) as the US dollar (USD) found its footing, with risk appetite fading and broader markets leaning towards the defensive. A strong surge in the US Dollar Index (DXY) weighed on the AUD, pushing AUD/USD down to 0.6415, a key support level that has acted as a floor in recent sessions. At the time of writing, the pair was trading around 0.6418, hovering just above its intraday low as sellers tested the resolve of near-term support. US dollar buoyed by strong data, but longer-term risks loom The Aussie's decline reflects...
Gold prices fell about 0.48% on Thursday (5/23) and failed to hold the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%. Market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add $4...
Oil prices were steady on Thursday as investors digested a report that OPEC+ is discussing increasing output for July, fueling concerns that global supply could outpace demand growth. Brent crude futures fell 47 cents, or 0.72%, to settle at $64.44 a barrel. U.S. West Texas Intermediate crude was down 37 cents, or 0.6%, at $61.20. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another major output increase at their meeting on June 1, Bloomberg News reported. A 411,000-barrel-per-day increase for July is...
Gold prices fell around 0.48% on Thursday (5/22) and failed to maintain the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%. The market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add...
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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