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...
Brent crude oil prices fell more than $1 a barrel on Monday as economic concerns over the U.S.-China trade war weighed on demand. Brent crude futures settled at $65.86 a barrel, down $1.01, or 1.51%. U.S. West Texas Intermediate crude futures settled at $62.05 a barrel, down 97 cents, or 1.545%. Brent crude prices edged up in the previous two sessions, but ended Friday with a weekly loss of more than 1%. The U.S.-China trade war is dominating investor sentiment in driving oil prices, said analyst John Evans of brokerage PVM, overtaking nuclear talks between the U.S. and Iran and...
Gold prices reversed course and rose on Monday (4/28) as bargain hunting began, while market focus turned to developments in the U.S.-China trade war and a slew of economic data. Spot gold was up 0.4% at $3,332.59 an ounce by 12:09 p.m. ET (1609 GMT) after falling as much as 1.8% earlier in the session. U.S. gold futures were up 1.4% at $3,344.0. "We are starting to see the first signs of selling exhaustion," said TD Securities commodity strategist Daniel Ghali, adding that downside risks to gold are limited. "Western investors, particularly discretionary or macro funds, have been...
Gold prices dipped for a second straight session on Monday as U.S.-China trade tensions eased, and the market awaited data due this week. Spot gold was down 0.6% at $3,297.10 an ounce as of 09:27 a.m. ET (1327 GMT). U.S. gold futures rose 0.3% to $3,307.80. "Gold prices are still dealing with the improved optimism over a U.S.-China trade deal even though there is a lack of clarity," Zain Vawda, analyst at MarketPulse by OANDA, said. The hopes that tariff damage was being contained also kept global equity markets at their highest over three weeks. U.S. President Donald Trump says progress...
Oil prices were stable on Monday as investors weighed up uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, as well as the prospect of OPEC+ raising supply. Brent crude futures were down 15 cents, or 0.22%, at $66.72 a barrel, as of 1204 GMT. U.S. West Texas Intermediate crude shed 16 cents, or 0.25%, to $62.86 a barrel. Brent futures rose marginally in the previous two sessions, but nonetheless marked a week-on-week decrease of over 1% on Friday on concerns about the impact of tariffs on the global economy. The U.S.-China...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades broadly flat on Monday just below the 100.00-marker. Over the weekend, United States (US) Treasury Secretary Scott Bessent said trade deal negotiations with several Asian countries are underway, while US Agriculture Secretary Brooke Rollins added that the Trump administration is having "daily conversations" with China over tariffs. However, China said on Monday that it is not engaged in trade negotiations with the US. The country reiterated that there are no winners in a...
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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