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 has extended gains at the start of the trading week, buoyed by a temporary easing in geopolitical tensions and improving macroeconomic sentiment. As of publication time, Brent is trading at approximately $65.40 per barrel, marking a 2.37% gain on the day. The move follows an agreement between the United States (US) and China to reduce and suspend certain tariffs for a 90-day period—an initiative widely seen as a de-escalation of trade hostilities and a potential catalyst for global economic stabilization. The bilateral tariff truce is currently the principal driver of risk...
Gold (XAU/USD) sinks more than 3.0% at the start of the European trading session and heads towards $3,231 at the time of writing as after US and China have brought some low-hanging fruit for the equity markets. China has agreed to lower its tariffs on the United States (US) to 10% from the initial 125%, while the US will lower its tariffs on China to 30% from 145%, both for 90 days. The announcement caused a risk-on wave in markets, with investors fleeing from safe-haven assets such as Gold. US President Donald Trump on Friday already hinted at the possibility that the talks could be...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, exceeds a more than 1% rally on Monday after China and the United States (US) agreed to a 90-day pause in their trade war by slashing tariffs on both sides. After a weekend of discussion, US Treasury Secretary Scott Bessent announced the defusing of the trade war between the two nations: China will lower its tariffs on US goods to only 10% from the original 125%, while the US will do so to 30% (from 145%) on Chinese goods, both for 90 days, Bloomberg reports. The news sent the US...
Crude futures extend gains in afternoon trade after a U.S.-China deal eased concerns over a deepening trade war that has threatened global economic growth and oil demand. Brent climbs 3.8% to $66.35 a barrel, while WTI jumps 4.1% to $63.50 a barrel. After weekend talks in Geneva, the world's top consumers of crude agreed to temporarily slash punishing levies on each other while trade negotiations continue. However, "questions remain for markets as to what the end game will be, as the measure will be operational for 90 days, and what the eventual level of tariffs will be," ING analysts...
Gold dropped 3% to a more than one-week low on Monday after the U.S. and China said they have agreed to a deal to slash reciprocal tariffs, sending the dollar higher and denting the safe-haven metal's appeal. Spot gold was down 3% at $3,224.34 an ounce, as of 0812 GMT, its lowest since May 1. U.S. gold futures slipped 3.5% to $3,228.10. "The de-escalation of tensions between China and the U.S., with tariffs being reduced for 90 days, is reducing the demand for safe haven assets like gold," said UBS analyst Giovanni Staunovo. "Near-term prices are likely to stay volatile. But higher...
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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