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 Gold price (XAU/USD) extends the decline to near $3,315 during the early Asian session on Wednesday. The precious metal edges lower amid easing trade tensions and better risk sentiment in global markets. Traders will keep an eye on the US ADP Employment Change, Personal Consumption ExpendituresPrice Index (PCE) and the flash Q1 Gross Domestic Product (GDP) reports, which are due later on Wednesday. US President Donald Trump plans to soften the impact of his automotive tariffs by preventing duties on foreign-made cars from stacking with other tariffs and easing levies on foreign parts...
The USD/CHF pair traded around 0.8900 during the North American session on Tuesday (4/29), benefiting from a broader US Dollar (USD) strength. US Commerce Secretary Howard Lutnick revealed a White House plan aimed at reducing tariffs on US automakers, supporting a mild recovery in global risk appetite. Meanwhile, the US Dollar Index (DXY) moved higher towards 99.30, supported by expectations that weaker labor market data and weak consumer confidence could steer the Federal Reserve (Fed) towards a more cautious policy stance. However, uncertainty remains around the US-China trade...
Oil prices fell about 2% to their lowest in two weeks on Tuesday as investors braced for OPEC+ to raise output and worried that U.S. President Donald Trump's tariffs would hurt the global economy and slow demand for the fuel. Brent crude futures fell $1.61, or 2.4%, to settle at $64.25 a barrel. U.S. West Texas Intermediate (WTI) crude fell $1.63, or 2.6%, to settle at $60.42. Both benchmarks posted their lowest closes since April 10. Trump's aggressive tariffs on U.S. imports have made it more likely the global economy will slip into recession this year, according to a majority of...
Gold fell nearly 1% on Tuesday as signs of easing U.S.-China trade tensions dampened some demand for the safe-haven asset, while investors braced for key economic data this week to gauge the Federal Reserve's policy outlook. Spot gold fell 0.8% to $3,315.84 an ounce by 2:22 p.m. ET (1822 GMT). U.S. gold futures settled 0.4% lower at $3,333.6. "There's some optimism that there's going to be a bit of a de-escalation in the trade war between the U.S. and China," said David Meger, director of metals trading at High Ridge Futures. President Donald Trump's administration plans to mitigate the...
Gold fell more than 1% on Tuesday as signals of easing U.S.-China trade tensions reduced some safe-haven demand, while investors braced for key economic data this week to gauge the Federal Reserve's policy outlook. Spot gold was down 1.2% at $3,300.57 an ounce as of 9:50 a.m. ET (1350 GMT). U.S. gold futures fell 1.1% to $3,310.20. "There is some optimism that there will be some de-escalation of the trade war between the U.S. and China," said David Meger, director of metals trading at High Ridge Futures. "We've seen the equity markets rebound over the course of the last several sessions....
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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