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 dollar index slipped to around 99.6 on Thursday, easing after two consecutive sessions of gains, as investors took stock of President Donald Trump's shifting stance on Chinese tariffs. The Trump administration is reportedly considering lowering tariffs on Chinese imports pending talks with Beijing, while China signaled openness to trade talks on the condition that Washington refrains from further threats. However, optimism was tempered by comments from US Treasury Secretary Scott Bessent, who clarified that Trump has not proposed any unilateral tariff cuts and that formal negotiations...
Gold rose toward $3,360 per ounce on Thursday, following a two-day decline, as lingering uncertainty over the US-China trade war sustained demand for the safe-haven asset. Treasury Secretary Scott Bessent said Wednesday that steep tariffs between the US and China will need to be reduced before trade talks can advance, though he emphasized that President Trump will not unilaterally cut tariffs on Chinese goods. Meanwhile, Trump plans to exempt carmakers from certain tariffs after weeks of intense lobbying by industry executives, easing some concerns over trade tensions. Gold has now risen...
The US Dollar Index (DXY) failed to maintain its early strength on Wednesday (4/23) and now hovers near the 99.50 region, reflecting continued uncertainty over US trade policy and weakening business momentum. The greenback's intraday surge towards the 100.00 mark during Asian trade faded quickly after comments from Treasury Secretary Scott Bessent and fresh scrutiny of President Donald Trump's policy stance. Additionally, the Federal Reserve's Beige Book pointed to worsening economic conditions. On the economic front, the S&P Global Composite Flash PMI for April fell to 51.2 from 53.5,...
Oil prices fell 2% on Wednesday as sources said OPEC+ would consider accelerating its oil output increase in June, but losses were contained following a report that U.S. President Donald Trump may cut tariffs on Chinese imports. Brent crude futures settled down $1.32, or 1.96%, at $66.12 a barrel, while U.S. West Texas Intermediate crude ended $1.40, or 2.2%, lower at $62.27. Global benchmark Brent hit a session high of $68.65, its highest since April 4, before the OPEC+ news. Some OPEC+ members are set to suggest the group accelerate its oil output increase for a second straight month in...
Gold on Wednesday extended its decline from an all-time high, dropping more than 3%, as risk appetite increased after President Donald Trump said he had no plans to fire the U.S. Fed chief and also signaled progress with China on tariffs. Spot gold fell 3% to $3,281.6 an ounce by 1:43 p.m. ET (1743 GMT), after hitting a record high of $3,500.05 in the previous session. U.S. gold futures fell 3.7% to $3,294.10. "The market is starting to move past the tariffs. You're going to see a broad rotation out of some of the safe havens back into some of the names like Apple, Tesla," said Phillip...
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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