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 edges higher in early Asian session amid losses in U.S. stock-index futures. The precious metal's direction is likely to be determined by equities' direction and risk appetite, says Fawad Razaqzada, a market analyst at City Index and FOREX.com, in an email. Gold, which has been on the defensive since topping out around $3,500/oz recently, is trying to find its footing once again, the analyst says, adding there seems to be some short-covering occurring. Spot gold is 0.2% higher at $3,247.66/oz.(Newsmaker23) Source : Dow Jones Newswires
The AUD/USD pair strengthened near 0.6450 during the Asian session on Monday (05/05). The Australian dollar (USD) strengthened against the greenback after Australian Prime Minister Anthony Albanese won a second three-year term in the 2025 Federal Election, making a big gain in Saturday's Federal Election results. Labor Party leader and Premier Albanese claimed a majority in parliament on Saturday, with more than 45% of the vote counted. Albanese became the first leader in decades to secure a second term, defeating opposition leader Peter Dutton from the center-right Liberal-National...
Oil prices plunged on concerns about a global glut after OPEC+ agreed to a large output increase, adding to supplies at a time when demand is being hampered by headwinds from the trade war. Global benchmark Brent plunged as much as 4.6% to $58 a barrel as the week began, while West Texas Intermediate neared $56. The decision by OPEC and its allies came at a meeting Saturday, with the group's leaders seeking to punish overproducing members including Kazakhstan in a shift in strategy that has sent prices plunging. (Newsmaker23) Source: Bloomberg
Oil prices plunged more than 1% on Friday, posting their biggest weekly loss since late March, as traders remained cautious ahead of an OPEC+ meeting to decide the group's output policy for June. U.S. West Texas Intermediate crude futures settled down 95 cents, or 1.6%, at $58.29 a barrel. Brent crude futures settled down 84 cents, or 1.4%, at $61.29 a barrel. For the week, Brent was down more than 8% and WTI was down about 7.7%. The OPEC+ meeting was moved up to Saturday from Monday, three sources told Reuters on Friday, although it was not clear why it was rescheduled. Members of the...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, weakened on Friday (02/05) after briefly moving above the 100.00 level. Despite stronger-than-expected US Nonfarm Payrolls data, the greenback came under pressure from dovish interpretations and emerging trade headlines involving China. Daily market movers: Not as expected The US Bureau of Labor Statistics reported that Nonfarm Payrolls rose by 177,000 in April, beating the consensus of 130,000 but lower than the revised 185,000 in March. The Unemployment Rate remained at 4.2%, while...
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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