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 continued its recovery as attention moved from the deescalation of the US-China trade war towards the Middle East. Brent rose above $65 a barrel, after gaining more than 6% in the previous three sessions. President Donald Trump, who signaled progress in nuclear talks with Iran, started his trip to the Middle East on Tuesday with a stop in Saudi Arabia, OPEC+'s de-facto leader. The kingdom has pushed for the cartel to increase production to punish non-compliant members, contributing to a recent drop in prices. The 90-day truce on tariffs between the...
The dollar index fell to 101.5 on Tuesday after weaker-than-expected inflation data suggested only a modest impact from President Donald Trump's recently imposed tariffs. According to the Bureau of Labor Statistics, consumer price inflation eased to 2.3% in April—its lowest level since February 2021 and slightly below market expectations of 2.4%. On a monthly basis, CPI rose 0.2%, rebounding from a 0.1% decline in March but still missing the forecasted 0.3% increase. Core inflation held steady at 2.8% year-over-year, marking a four-year low. Markets also continued to weigh the implications...
Silver prices surged nearly 2% to above $33 per ounce on Tuesday, rebounding from losses in the previous session as initial enthusiasm over the US-China trade agreement began to wane, giving way to broader market caution. The rally followed weekend negotiations in Switzerland, where Washington and Beijing agreed to reduce their respective tariffs to 10% and 30% for a 90-day period—marking a significant, though temporary, de-escalation in trade tensions. While officials from both countries are expected to reconvene in the coming weeks to pursue a broader trade accord, uncertainty remains...
Oil prices held steady on Tuesday, weighed down by rising supplies and caution over whether the pause in the U.S.-China trade war will lead to a longer-term deal. Brent crude futures gained 9 cents, or 0.14%, to $65.05 a barrel by 0803 GMT. U.S. West Texas Intermediate (WTI) crude was up 11 cents, or about 0.2%, at $62.06. The two benchmarks rose by about 4% or more in the previous session after the U.S. and China agreed on sharp reductions to tariffs for at least 90 days, which also boosted Wall Street stocks and the dollar. The market is now evaluating the impact of the trade truce,...
The dollar retreated slightly on Tuesday but held on to most of the previous session's gains on lingering optimism over a tariff deal between the United States and China, which tapped the brakes on a trade war between the world's two largest economies. Washington and Beijing on Monday announced an agreement to slash the massive tariffs they had imposed on each other for 90 days, sparking a relief rally across markets that swept up global stocks and sent the dollar surging. The situation is still very dollar-centric according to Kit Juckes, chief FX strategist at Societe Generale, who said...
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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