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 bounced back as equity markets staged a recovery on Tuesday, though concerns persist over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand. Brent crude futures rose 59 cents, or 0.9%, to $66.85 a barrel by 1423 GMT. The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, was up 67 cents, or 1%, at $63.75. The more actively traded WTI June contract gained 70 cents, or 1.1%, to $63.11. "The daily fluctuations in Brent crude oil prices have been quite well aligned with fluctuations in equity prices," said SEB analyst...
The dollar dropped against the yen and hovered around multi-year lows versus the euro and the Swiss franc on Tuesday as President Donald Trump's attacks on the Federal Reserve raised concerns about the central bank's independence. Analysts said the dollar was left in an especially fragile state amid market concerns over the U.S. administration's tariffs, which could trigger a global trade war. Doubts about Fed independence threaten the dollar's value as a reserve currency, with analysts noting possible divestments from what many consider over-exposure to U.S. assets. The U.S. currency...
Oil prices rose on Tuesday as investors took advantage of the previous day's losses to cover short positions, though concerns persist over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand. Brent crude futures rose 90 cents, or 1.4%, to $67.16 a barrel by 0901 GMT. The U.S. West Texas Intermediate crude contract for May , which expires on Tuesday, was up 97 cents, or 1.5%, at $64.05. The more actively traded WTI June contract gained 92 cents, or 1.5%, to $63.33. The Brent and WTI benchmarks dropped more than 2% on Monday, as signs of progress in...
The US president's attacks on Fed Chair Jay Powell are intensifying. And the dollar is weakening accordingly. The President of the United States is not well versed in conventional forms of politeness. We also know that he prefers a loose monetary policy. Don't be confused by the smokescreens put up by his economic advisor Kevin Hassett: Of course, this preference is neither new nor unique. What is new and unique, however, is that the US President really might fire Chair Powell, unlike during his first term in office. Hassett has confirmed that the White House is considering this,...
Gold price (XAU/USD) shows no signs of fatigue and extends its rally higher yet again, hitting another record high at $3,500 in early Asian trading on Tuesday. However, price action is cooling off a bit, and Gold dips back to around $3,460 at the time of writing due to some profit taking at the psychological level. Several markets across the globe are returning to normal trading regimes after the holiday-infused Easter price action, with Good Friday and Easter Monday seeing reduced trading volumes due to bank holidays. This week's rally is being fueled by mounting uncertainty and pressure...
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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