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 prices rose about 1.5% to settle at a two-week high on Monday, after the U.S. and China agreed to temporarily slash tariffs, raising hopes of an end to the trade war between the world's two biggest economies. Brent crude futures rose $1.05, or 1.6%, to settle at $64.96 a barrel. U.S. West Texas Intermediate (WTI) crude gained 93 cents, or 1.5%, to settle at $61.95. Both benchmarks notched their highest settlements since April 28. The U.S. and China tapped the brakes on tariffs, sending Wall Street stocks, the U.S. dollar and crude prices sharply higher on hopes the world's two biggest...
The USD/JPY pair is trading near 148.00, up approximately 2% on the day, as risk-on sentiment dominates global markets following a significant breakthrough in US-China trade relations. Over the weekend, the two economic giants agreed to a 90-day tariff reduction, with the US cutting its tariffs on Chinese imports to 30% (from 145%) and China reducing its duties to 10% (from 125%). This temporary de-escalation has sparked a rally in risky assets, weighing on traditional safe-haven currencies like the Japanese yen. The US Dollar has surged in response to the trade truce, supported by a sharp...
The Australian Dollar (AUD) is facing downward pressure as global trade dynamics shift, particularly between the United States (US) and China. Despite signs of stronger Chinese copper production, trade agreements and Federal Reserve (Fed) policies continue to shape investor sentiment, with the Fed expected to hold rates steady through the next few months. USD surges as trade war coolsThe US Dollar gains as the DXY approaches key resistance levels after news of a 90-day tariff pause between the US and China.China's copper production shows signs of expansion, alleviating concerns about global...
Gold prices tumbled over 3% on Monday, following improvements in risk appetite after weekend discussions between the US and China, which agreed to a 90-day tariff reduction. At the time of writing, the XAU/USD trades at $3,225, having hit a daily high of $3,326. Wall Street registers gains in the aftermath of the US-China deal, in which both countries lowered duties and agreed to sustain further talks to reach a trade agreement following a meeting in Switzerland. Washington and Beijing agreed to lower duties from 145% to 30% and from 125% to 10%, respectively, as revealed in a joint...
The dollar surged on Monday as the United States and China reached a deal to temporarily cut reciprocal tariffs, easing concerns a trade war between the world's two biggest economies could lead to a global recession. The U.S. will reduce extra tariffs it imposed on Chinese imports in April to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125%, effective for 90 days. The de-escalation surpassed investor expectations, with many expecting an introductory round of talks with few, if any, agreements. "It's 90 days and so this basically buys some more time, I sort of...
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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