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 on Friday, after rising about 3% in the previous session, as trade tensions between top oil consumers the U.S. and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States. Brent crude rose 43 cents, or 0.68%, to $63.27 a barrel while U.S. West Texas Intermediate crude rose 42 cents, or 0.7%, to $60.33 a barrel by 0731 GMT. Both contracts closed up nearly 3% on Thursday. U.S. Treasury Secretary Scott Bessent will meet China's top economic official, Vice Premier He Lifeng, in Switzerland on May 10 to try to resolve a trade dispute...
The dollar headed for a weekly gain on most major peers on Friday as a U.S.-UK trade deal raised hopes of progress in looming U.S.-China talks, while bets of imminent Fed rate cuts receded after the central bank indicated it was in no hurry. Financial markets are heading into the weekend with the focus squarely on trade negotiations between Washington and Beijing due to begin on Saturday in Switzerland. The euro touched a one-month low of $1.1197 in Asia and was down about 0.6% for the week. The yen has weakened about 0.4% this week and hit a one-month trough of 146.18 per dollar, before...
The EUR/USD pair pared daily losses and traded around 1.1230 during the Asian session on Friday (09/05). The pair depreciated as the US dollar (USD) found support from upbeat US economic data and signs of easing trade tensions. US President Donald Trump announced a "major" trade deal with the United Kingdom (UK), although the headline tariffs remain at 10%, which has dampened market optimism. Attention now turns to initial US-China trade talks set for later this week in Switzerland, but both sides have downplayed expectations of a breakthrough. Trump continues to take a hardline stance on...
Government data released Friday showed that Japanese household spending rose 0.4% in March and 2.1% from a year earlier, both beating market expectations. Moreover, expectations that continued wage gains will boost consumer spending and inflation in Japan suggest that the Bank of Japan may not back off its interest rate hike plans altogether. In fact, minutes of the BoJ's monetary policy meeting held on March 18-19 revealed on Thursday that the central bank remains ready to raise interest rates further if inflation trends persist. This, in turn, bolstered the case for further policy...
Silver (XAG/USD) attracted some dip buyers near the $32.20 area during the Asian session on Friday (09/05) and climbed to a fresh intraday high in the last hour. However, the white metal remained within a broader trading range from the previous day and is currently trading just above the mid-$32.00s, up over 0.25% for the day. From a technical perspective, the recent price action along a descending channel constitutes the formation of a bullish flag pattern against the backdrop of a decent recovery from the $28.45 area, or the YTD low touched in April. Moreover, oscillators on 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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