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 prices dropped on Tuesday as softening trade tensions between the U.S. and its trading partners dulled the metal's safe-haven appeal, while investors awaited U.S. economic data to assess the Federal Reserve's policy path. Spot gold was down 0.8% at $3,314.65 an ounce, as of 0619 GMT. U.S. gold futures lost 0.7% to $3,324.20. "The risk environment has clearly improved recently, with market participants buoyed by optimism that the worst of the trade tensions may be behind us amid encouraging rhetoric around trade deals," said IG market strategist Yeap Jun Rong. U.S. Treasury Secretary...
Crude oil prices fell on Tuesday as investors lowered their demand growth expectations due to the ongoing trade war between the United States and China, the world's two biggest economies. Brent crude futures fell by 51 cents, or 0.8%, to $65.35 per barrel by 0635 GMT. U.S. West Texas Intermediate crude futures fell 50 cents, or 0.8%, to $61.55 a barrel. Both benchmarks fell more than $1 on Monday. "Markets are closely monitoring the U.S.-China trade negotiations, understanding that deteriorating trade relations between the world's two largest economies could lead the global economy towards...
Gold price (XAU/USD) extends its steady intraday descent through the Asian session on Tuesday and drops back closer to the $3,300 mark as hopes for the potential de-escalation of US-China trade tensions undermine demand for safe-haven assets. Apart from this, the emergence of some US Dollar (USD) buying further contributes to driving flows away from the commodity. That said, a combination of factors assists the precious metal to hold comfortably above the $3,265-3,260 pivotal support. Investors remain on the edge amid the uncertainty over US President Donald Trump's trade policies and...
The EUR/USD pair attracts some sellers to near 1.1375 during the Asian session on Tuesday. The Euro weakens against the Greenback amid rising expectations of further rate cuts from the European Central Bank in June and mixed signals on US-China trade relations.The EUR/USD pair hovers around 1.1350 on Monday, extending its consolidative phase for a second consecutive day. At least, investors pared US Dollar (USD) selling and recovered some optimism amid hopes of easing trade war tensions. Additionally, the latest comments from United States (US) Federal Reserve (Fed) officials were tilted to...
Oil prices fell in Asian trade on Tuesday amid persistent uncertainty over U.S. trade tariffs dampened the economic outlook and sparked persistent concerns over slowing demand. Oil was also pressured by Russia unexpectedly announcing a three-day ceasefire with Ukraine, which could help pave a path towards a bigger agreement. Brent oil futures for June fell 0.4% to $65.63 a barrel, while West Texas Intermediate crude futures fell 0.3% to $61.64 a barrel by 21:43 ET (01:43 GMT). Oil markets were also skittish before an OPEC+ meeting next week, where the cartel is widely expected to increase...
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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