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 futures rose to around $66.9 per barrel on Monday, amid hopes for easing in the U.S.-China trade tensions. While it remains uncertain whether formal trade negotiations between the two countries have begun, President Donald Trump last week softened his rhetoric towards China, and Beijing has exempted some U.S. imports from its 125% tariffs. However, overall gains may be capped as progress in U.S.-Iran nuclear talks has raised concerns about the potential return of Iranian crude to the market. Additionally, the prospect of OPEC+ ramping up production for a second straight month...
The US dollar (USD) edged higher on Friday (4/25) as investors digested conflicting messages from the United States and China regarding potential tariff negotiations. While President Donald Trump hinted that dialogue was underway, Beijing has flatly denied that any talks are currently taking place. The differences injected volatility into the market, although the greenback maintained its lead, with the US Dollar Index (DXY) up around 0.37% near the 99.65 zone at the time of writing. Despite entering a data-light session ahead of the May 7 Federal Open Market Committee (FOMC) meeting, market...
Gold prices fell 2% on Friday and were on track for a weekly decline as the dollar strengthened and signs of easing U.S.-China trade tensions after a report that Beijing has exempted some U.S. goods from its tariffs weighed on bullion. Spot gold fell 1.7% to $3,292.99 an ounce by 1:39 a.m. EDT (1739 GMT), after dropping as much as 2% earlier in the session. Bullion was down 1.2% for the week. U.S. gold futures settled 1.5% lower at $3,298.40. "The apparent reduction in tariffs has had a negative impact on gold prices ... But so far we haven't seen any substantial liquidation," said TD...
Oil prices edged up on Friday but fell for the week, pressured by market expectations of a supply glut and uncertainty surrounding tariff talks between the U.S. and China. Brent crude settled 32 cents higher at $66.87 a barrel, bringing losses to 1.6% for the week. U.S. West Texas Intermediate crude rose 23 cents to $63.02 a barrel, marking a weekly decline of 2.6%. China exempted some U.S. imports from its high tariffs in a sign on Friday that the trade war between the world's top two economies may be easing, although Beijing quickly dismissed U.S. President Donald Trump's assertion that...
Gold declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. U.S. gold futures shed 1.3% to $3,306.50. "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to...
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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