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...
Silver (XAG/USD) traded marginally higher on Monday (5/19), holding above the $32.00 level during the US session, as broader US Dollar (USD) weakness fueled demand for alternative safe-haven assets. The move came in response to Moody's downgrade of the US sovereign credit rating, which has added to market concerns over fiscal sustainability and long-term growth prospects. At the time of writing, Silver prices were up 0.05% on the day, with spot XAG/USD last seen trading around $32.30. The metal is attempting to reclaim the 50-day Simple Moving Average near $32.75, which has capped gains in...
Oil prices were steady on Monday despite Moody's downgrading the US sovereign credit rating and official data showing a slowdown in growth in industrial production and retail sales in China. The developments have raised concerns about the outlook for the world's two largest economies and expectations that demand for oil could slow, after Beijing and Washington agreed to lift most tariffs on each other's goods, boosting prices. "The weaker-than-expected Chinese data did not help crude, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo. Brent crude futures...
The USD/CHF pair trades 0.5% lower to near 0.8330 during North American trading hours on Monday. The Swiss Franc pair weakens as the US Dollar (USD) faces a sharp selling pressure due to erosion in the United States (US) Sovereign Credit Rating. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, slumps to near 100.30. On Friday, Moody's Rating downgraded the US long-term issuer and senior unsecured ratings from Aaa to Aa1. The one-notch downgrade in the US credit came on the back of a growing $36 trillion debt pile. The US downgrade has sparked...
Oil inched lower on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales. Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher. "The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo. Brent crude futures lost...
Gold (XAU/USD) price pops over 1% on Monday and hits $3,243 at the time of writing, with three main themes at play on Monday. Tensions are brewing in the Middle East with Israel embarking on another massive ground offensive. The military action comes just days after United States (US) President Donald Trump visited the Middle East, though he didn't visit Israel. The second main driver is the bond market, where several pension funds and Fixed Income (Bonds) investors will need to reshuffle their holdings after rating agency Moody's downgraded the US's sovereign debt credit rating after the...
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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