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 dollar fell for a third day against a range of currencies on Wednesday, after U.S. President Donald Trump failed to convince Republican holdouts to back his sweeping tax bill. Traders were also wary of U.S. officials potentially angling for a weaker dollar at Group of Seven finance minister meetings under way in Canada. Developments in Trump's global tariff war, which have swung currencies wildly in recent months, have slowed considerably this week, even as the clock ticks to the end of a 90-day tariff respite for U.S. trade partners in the absence of new deals. While markets remain...
The U.S. dollar fell further Wednesday, continuing to head lower on uncertainty over President Donald Trump's tax bill, while sterling jumped after a hot inflation report. At 04:30 ET (08:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.4% to 99.595, extending a 1.3% two-day decline. U.S. tax bill, G7 meeting in focus President Donald Trump's tax cut and spending bill has apparently run into opposition from several dissenting lawmakers, and faces a critical stress test on Wednesday as Republicans in the U.S. House of Representatives...
Oil prices gained more than 1% on Wednesday after reports of Israel preparing a strike on Iranian nuclear facilities raised fears that a conflict could upset supply availability in the key Middle East producing region. Brent futures for July rose 68 cents, or 1.04%, to $66.06 a barrel, by 0630 GMT. U.S. West Texas Intermediate crude futures for July climbed 70 cents, or 1.1%, to $62.73. New intelligence obtained by the United States suggests that Israel is preparing to strike Iranian nuclear facilities, CNN reported on Tuesday, citing multiple U.S. officials familiar with the matter. It...
Gold prices rose nearly 1% on Wednesday, hitting their highest levels in more than a week, as a weaker dollar and U.S. fiscal uncertainty amid Congressional debate on a sweeping tax bill spurred demand for safe-haven assets. Spot gold was up 0.9% at $3,319.51 an ounce, as of 0643 GMT. Earlier in the session, bullion touched its highest level since May 12. U.S. gold futures gained 1.1% to $3,320.30. The dollar opens new tab retreated to its lowest level since May 7, making greenback-priced gold cheaper for holders of overseas currency. "The general dollar index lost more than a full point...
Gold rose to around $3,300 on Wednesday, nearing a two-week high and building on a more than 2% gain from the last session, supported by geopolitical risks and persistent weakness in the US dollar. Reports that Israel is planning a strike on Iranian nuclear sites have raised concerns that the Middle East conflict could escalate, as such an attack might provoke retaliation from Iran. Adding to geopolitical concerns, President Trump said Russia and Ukraine would begin ceasefire talks immediately, but he appeared to signal that he would step back from mediating the three-year...
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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