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...
Brent crude oil futures rose to around $65.6 per barrel on Tuesday amid increased uncertainty over the progress of US-Iran nuclear negotiations. Iran's Deputy Foreign Minister Majid Takhtravanchi said on Monday that talks between Iran and the US will "lead nowhere" if Washington continues to demand a complete halt to Tehran's uranium enrichment activities. Meanwhile, US President Donald Trump said that Russia and Ukraine will "immediately" begin ceasefire negotiations following a phone call with Russian President Vladimir Putin. A potential truce could pave the way for increased Russian oil...
The Gold price (XAU/USD) edges lower to around $3,230 during the early Asian session on Tuesday, pressured by a modest US Dollar (USD) rebound. However, the concerns over the US economic health after Moody's downgrades the US national credit rating might cap its downside. The Greenback recovers on Tuesday, capping the upside for the USD-denominated commodity price. Nonetheless, the economic uncertainties could boost the safe-haven flows. Moody's cut the US rating to "Aa1" from "Aaa" on Friday, citing rising debt and interest "that are significantly higher than similarly rated sovereigns"....
The U.S. dollar fell broadly on Monday, hitting its lowest point in more than a week against the yen, Swiss franc and euro, pressured by a surprise downgrade of the U.S. government's credit rating late Friday, even as trade tensions also escalated. U.S. Treasury Secretary Scott Bessent said in a television interview Sunday that President Donald Trump would impose tariffs at the level he threatened last month on trading partners that do not negotiate in "good faith." However, Moody's cutting the United States' top sovereign credit rating by one notch on Friday began to weigh on the dollar....
Oil prices were steady on Monday as signs of a breakdown in U.S. talks with Iran over its nuclear program offset pressure from a Moody's downgrade of the U.S. sovereign credit rating. Brent crude futures were down 20 cents at $65.21 a barrel by 1:36 p.m. ET (1736 GMT), while U.S. West Texas Intermediate crude was up 3 cents, or 0.1%, at $62.52 a barrel. Both contracts rose more than 1% last week. Nuclear talks between Iran and the U.S. will yield nothing if Washington insists Tehran halt its uranium enrichment activities, Iranian state media quoted Deputy Foreign Minister Majid...
Gold rose as the dollar slumped after Moody's Ratings removed the U.S.'s last top credit rating because of ballooning debt and deficits. Moody's blamed successive administrations and Congress for ballooning budget deficits that it said showed no sign of abating. And there are concerns the situation could get worse, with Republican lawmakers debating President Donald Trump's tax and spending package that critics say will add trillions more to the federal debt over the next decade. The precious metal has been on a roller coaster in recent months. It suffered its biggest weekly loss since...
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.
In...