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...
Oil prices edged up on Thursday as investors weighed a weaker U.S. dollar, potential OPEC+ production increases, mixed economic news, conflicting U.S. tariff signals and news from the Russia-Ukraine war. Brent crude futures rose 43 cents, or 0.7%, to settle at $66.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose 52 cents, or 0.8%, to settle at $62.79. In the U.S., the number of people filing for unemployment benefits rose slightly last week, indicating a resilient labor market despite economic turbulence caused by tariffs on imported goods. Companies raised prices and cut...
Gold prices rose on Thursday after falling more than 3% in the previous session, helped by a weaker dollar and bargain hunting, while market attention remained focused on the latest news on U.S.-China trade relations. Spot gold was up 1.4% at $3,333.90 an ounce, as of 1:46 p.m. EDT (1746 GMT). Bullion hit a record high of $3,500.05 on Tuesday on concerns about the U.S. economy, but prices fell on Wednesday after U.S. President Donald Trump walked back his threat to fire the Federal Reserve chief and appeared to soften his stance on China. U.S. gold futures settled 1.7% higher at $3,348.60....
Gold prices rose Thursday, on renewed demand from investors in the wake of the recent selloff. At 10:25 ET (14:25 GMT), Spot gold rose 0.9% to $3,317.19 an ounce, while gold futures expiring in June rose 1.1% to $3,329.65/oz. Gold had fallen from record highs this week after U.S. President Donald Trump raised the prospect of eventually reducing steep trade duties on China. But a lack of clarity on Trump's comments, coupled with less optimistic statements from other officials, made gold's fall short-lived. Traders remained cautious towards the dollar and Treasuries, keeping gold and the...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades lower, roughly 0.60% on Thursday. The knee-jerk reaction originates from United States (US) President Donald Trump and US Treasury Secretary Scott Bessent. Both individually said that no unilateral offer was made to China from the US to lower tariffs, while Trump said that reciprocal tariffs could be revisited if negotiations are not going the way the Trump administration wants them to go, Bloomberg reports. On the economic calendar front, Durable Goods is painting a very...
Oil rose as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China. Brent climbed toward $67 a barrel after sliding 2% on Wednesday, while West Texas Intermediate was around $63. The dollar weakened, making commodities priced in the currency more appealing. Growing strain within OPEC+, particularly with perennial overproducer Kazakhstan, has stoked fears that output will continue to rise at a faster-than-advertised pace over the coming months. The Organization of the Petroleum Exporting Countries and its allies will hold...
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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