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...
A sliding yen boosted the dollar on Thursday as the Bank of Japan lowered growth forecasts in light of U.S. tariffs and left rates on hold, while investors watched for signs of the trade war cooling and awaited U.S. labour market data. The yen dropped by as much as 1.1% to 144.74 per dollar, its weakest since April 10. It was last at 144.33 per dollar. The central bank's hold on interest rates was unanimous and anticipated, but investors saw the downgraded outlook as reducing the likelihood of future hikes. "It was no surprise that they revised both the growth and inflation down but both...
Silver prices fell over 1% toward $32 per ounce on Thursday, marking a third consecutive session of decline, as easing global trade tensions dampened demand for safe-haven assets. Sentiment shifted after US President Donald Trump signaled potential trade agreements with India, Japan, and South Korea, and voiced optimism about a deal with China. At the same time, silver's industrial demand outlook came under pressure amid weaker economic data from major economies. The US economy unexpectedly contracted by 0.3% on an annualized basis in the first quarter—its first negative growth in three...
Oil prices steadied on Thursday a day after a steep decline triggered by signs that Saudi Arabia, the world's biggest crude exporter, may raise output and data showing a contraction in the economy of the U.S., the world's biggest oil consumer. Brent crude futures fell 6 cents, or 0.1%, to $61 a barrel as at 0730 GMT. U.S. West Texas Intermediate crude futures fell 12 cents or 0.2%, to $58.09. WTI closed at its lowest since March 2021 on Wednesday. "In the near term, the path of least resistance remains tilted to the downside," said Sugandha Sachdeva, founder of SS WealthStreet, a New...
Gold eased to hit its lowest level in two weeks on Thursday as the dollar's strength and easing trade tensions dulled the metal's safe-haven allure, while investors awaited the U.S. non-farm payrolls report. Spot gold was down 1.6% at $3,235.55 an ounce as of 0629 GMT, after hitting its lowest level since mid-April. The dollar (.DXY), opens new tab rose 0.4% against its peers, making bullion more expensive for overseas buyers. U.S. President Donald Trump said he has "potential" trade deals with India, South Korea and Japan as he sought to convert his tariff policy into trade...
Gold price (XAU/USD) extends its downtrend for the third successive day and drops to over a two-week low, around the $3,221 region during the Asian session on Thursday. Signs of easing trade tensions between the US and China – the world's two largest economies – continue to undermine demand for traditional safe-haven assets and exert downward pressure on the precious metal. Furthermore, the US Dollar (USD) climbs to a two-week top and further contributes to driving flows away from the commodity and the intraday downfall. Meanwhile, the surprise contraction in the US GDP and signs of easing...
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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