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...
The Australian Dollar (AUD) is facing headwinds against the US Dollar (USD) as traders adopt caution ahead of the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers Index (PMI) data from the United States (US) release due later on Thursday. However, the AUD/USD pair received support after the release of Trade Balance data from Australia. The Australian Bureau of Statistics reported a trade surplus of AUD 6.9 billion for March, significantly surpassing expectations of AUD 3.13 billion and the revised February figure of AUD 2.85 billion (down from AUD 2.97 billion). The...
Silver remains under heavy selling pressure for the third straight day on Thursday.Silver (XAG/USD) drifts lower for the third straight day also marking the fourth day of a negative move in the previous five and drops to over a two-week low during the Asian session on Thursday. The white metal, however, shows some resilience below the $32.00 mark, though the technical setup supports prospects for an extension of a one-week-old downtrend.Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's....
The dollar sloughed off weak U.S. data to steady on Thursday as investors focused on signs the trade war may be cooling down, and looked ahead to U.S. jobs data due on Friday. The yen ticked about 0.2% lower to 143.29 per dollar after the Bank of Japan left interest rates at 0.5%, as expected. The dollar notched its largest monthly fall for 2-1/2 years through April, as President Donald Trump's flip-flopping tariffs hit growth expectations and rattled confidence. But it has come off lows as Trump has suspended much of the hit and hinted at deals, including with China, which has the highest...
The Japanese Yen (JPY) snaps a two-day losing streak against its American counterpart as traders opt to move to the sidelines and wait for the crucial Bank of Japan (BoJ) policy decision this Thursday. Moreover, the updated economic projections and BoJ Governor Kazuo Ueda's comments at the post-meeting press conference will be scrutinized for cues about the likely timing of the next interest rate hike. This, in turn, will play a key role in determining the next leg of a directional move for the JPY. Heading into the key central bank event risk, hopes for the potential de-escalation of the...
Oil prices take breather after selloff on supply worriesOil prices edged higher on Thursday, steadying slightly after sharp losses on the previous day driven by signs Saudi Arabia could produce more, and as the U.S. economy contracted in the first quarter. Brent crude futures rose 16 cents, or 0.3%, to $61.22 a barrel. U.S. West Texas Intermediate crude futures climbed 6 cents or 0.1%, to $58.27. WTI closed at its lowest since March 2021 on Wednesday. Saudi Arabian officials are briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further...
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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