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...
West Texas Intermediate (WTI), the US crude benchmark, was trading around $63.50 during the Asian session on Friday (4/18). WTI prices rose to a two-week high amid hopes for a trade deal between the United States and the European Union and new US sanctions on Iran. Trading volumes are likely to be light on Good Friday. US President Donald Trump and Italian Prime Minister Giorgia Meloni met in Washington, signaling hopes for a resolution to the trade dispute that has strained US-European relations. "We're not going to have much trouble making a deal with Europe or anybody else, because we...
Gold prices (XAU/USD) held steady on Friday (4/18) after falling from an all-time high of $3,358 as investors booked profits during the long Easter holiday. Significant uncertainty over US President Donald Trump's tariffs on imports into the US and ongoing geopolitical tensions could support gold prices, which are known as safe-haven assets. On the other hand, Federal Reserve (Fed) Chairman Jerome Powell was hawkish, reducing the chances of a Fed rate cut in June. This, in turn, could lift the Greenback and weigh on USD-denominated commodity prices. Powell said that a weak economy and high...
The EUR/USD pair attracted some buyers near 1.1370 during the early Asian session on Friday (4/18). Concerns over the economic impact of tariffs continued to drag the US Dollar (USD) lower against the Euro (EUR). Traders will be closely monitoring developments surrounding the US trade talks. Trading volumes are likely to be thin on Good Friday. The European Central Bank (ECB) cut interest rates for the third time this year on Thursday, bringing its main rate to 2.25% in response to slowing growth and US President Donald Trump's tariffs. ECB President Christine Lagarde said during a press...
Oil prices settled more than 3% higher on Thursday, supported by hopes for a trade deal between the United States and the European Union and new U.S. sanctions to curb Iranian oil exports, which continued to elevate supply concerns. Brent crude futures settled $2.11, or 3.2%, higher to $67.96 a barrel, and U.S. West Texas Intermediate crude gained $2.21, or 3.54%, at $64.68 a barrel. For the week, both Brent and WTI gained about 5%, their first weekly gain in three weeks. Thursday is the last settlement day of the week ahead of the Easter holidays and trade volumes are expected to be...
Gold eased off a record high mid-afternoon on Thursday but stayed above the US$3,300 mark as U.S. President Donald Trump's tariff threats continue to support safe-haven demand. Gold for June delivery was last seen down US$18.10 to US$3,328.30 per ounce after closing at a record US$3,346.40 on Wednesday. The price of the metal has climbed 26% since the start of the year as the U.S. tariff battles threaten to slow global growth while roiling global trade flows, sending investors to gold as a store of value. The World Trade Organization on Wednesday lowered its forecast for 2025 global trade...
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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