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 recovered on Tuesday as bargain-hunters stepped in after prices hit a more than one-week low in the previous session, pressured by a U.S.-China tariff truce that lifted appetite for riskier assets and dented bullion's safe-haven appeal. Spot gold was up 0.6% at $3,254.39 an ounce, as of 0639 GMT. Bullion recorded a 2.7% decline in the previous session. U.S. gold futures were up 1% at $3,258.70. After two days of negotiations in Geneva, U.S. and China announced tariff reductions for the next three months, with U.S. tariffs on Chinese imports dropping from 145% to 30% and Chinese...
The dollar eases after reaching a one-month high in the previous session when the U.S. and China announced a deal to lower tariffs for 90 days. Markets are suffering a "bit of a hangover" after Monday's rally as investors take a moment to question how good the U.S.-China news really is and how long the truce will last, Swissquote Bank's Ipek Ozkardeskaya says in a note. "While recent days have brought major progress to the table, this isn't the end." The DXY dollar index falls 0.2% to 101.618 after reaching a high of 101.977 on Monday. (Newsmaker23) Source: Dow Jones Newswires
Oil prices fell on Tuesday from a two-week high, weighed down by concerns about rising supplies and some caution over the chances of a long-term deal. Brent crude futures were down 11 cents, or 0.2%, at $64.85 a barrel by 0510 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.1%, at $61.87. Both benchmarks closed about 1.5% higher on Monday in their steepest finish since April 28. The gains come during a turbulent time for global oil markets. The U.S. and China agreed to cut steep tariffs for at least 90 days, sending Wall Street stocks, the dollar and crude...
Gold recovered on Tuesday on bargain hunting after prices fell to a more than one-week low in the previous session as a temporary truce between the US and China in tit-for-tat tariffs boosted risk appetite and dented bullion's safe-haven appeal. Spot gold rose 0.5% to $3,250.50 an ounce, as of 0458 GMT. Bullion fell 2.7% in the previous session. US gold futures rose 0.9% to $3,255.30. After two days of negotiations in Geneva, the US and China announced tariff cuts for the next three months, with US tariffs on Chinese imports dropping to 30% from 145% and Chinese duties on US imports...
USD/CHF retreats after posting more than 2% gains in the previous session, trading around 0.8430 during Asian hours on Tuesday (5/13). The decline came as the US Dollar (USD) weakened, possibly due to a technical correction. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, was trading lower near 101.50 at the time of writing. Investors now shift their focus to the upcoming US Consumer Price Index (CPI) report for April, due later today. Analysts expect the headline CPI to recover to 0.3% month-on-month from -0.1%, while the core CPI is also...
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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