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 fell by more than $1 a barrel on Wednesday as investors doubted that upcoming U.S.-China trade talks will result in a breakthrough, while hopes for an Iran-U.S. nuclear deal eased supply worries. Brent crude futures settled $1.03, or 1.66%, lower at $61.12 a barrel while U.S. West Texas Intermediate crude lost $1.02, or 1.73%, lower at $58.07 a barrel. The U.S. and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy. The trade talks between the world's two largest economies come after weeks of escalating...
Gold price remains on the back foot after the Federal Reserve (Fed) kept interest rates unchanged. XAU/USD trades at $3,394, down over 1%, as traders brace for Fed Chair Jerome Powell's press conference. XAU/USD down over 1% to $3,394 as traders await Powell's press conference following cautious Fed toneThe Federal Reserve held rates at the 4.25%-4.50% range unanimously, as expected, and mentioned that uncertainty about the economic outlook has increased further, adding that the risks of higher unemployment and inflation have risen. Fed officials added that the economy remains expanding at...
The Federal Reserve (Fed) left its benchmark interest rate unchanged at 4.5%, in line with expectations, but struck a more cautious tone in its policy statement. While noting that the labor market remains solid and economic activity continues at a steady pace, the Fed acknowledged that inflation is still "somewhat elevated" and that both inflation and unemployment risks have risen. The Committee reaffirmed its commitment to data-dependence and reiterated that policy adjustments remain on the table should downside risks materialize. Balance sheet reduction will continue at the current...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades broadly flat on Wednesday at around 99.40 after printing a fresh five-day low on Tuesday and looks to be on pause for now. Traders are meanwhile assessing news about progress between China and the US regarding trade talks and brace for the Federal Reserve (Fed) interest-rate decision later this Wednesday. Not much is expected from this rate decision as markets almost fully price in that the Fed will keep rates stable despite pressure from US President Donald Trump to cut...
Gold prices fell more than 1% on Wednesday as hopes around trade talks between the United States and China weighed on the safe-haven metal ahead of a Federal Reserve rates decision later in the day. Spot gold was down 1.2% at $3,388.49 an ounce as of 1141 GMT, after a sharp rise in the previous session. "Late yesterday, reports emerged of a potential meeting between U.S. and Chinese officials this week, which could bolster sentiment if confirmed by Chinese and U.S. authorities," said Zain Vawda, analyst at MarketPulse by OANDA. U.S. Treasury Secretary Scott Bessent and chief trade...
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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