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 pound rose above $1.32, a six-month high, as markets responded to easing trade fears and shifting Bank of England (BoE) expectations. Hopes that Trump might delay auto tariffs helped UK exporters, especially car parts makers reliant on US trade, lifting sentiment for sterling. On the other hand, the BoE is seen as likely to cut rates soon — with markets nearly fully pricing in a rate cut in May — as UK firms shed jobs ahead of tax hikes and higher wage costs. While private-sector wage growth remains high at 5.9%, employment fell sharply in March, hinting at economic weakness. A...
Oil prices rose after a sluggish session on Monday, with traders monitoring the latest U.S. moves in the trade war and the prospect of easing curbs on Iranian crude. Brent traded around $65 a barrel after rising 0.2% on Monday, while West Texas Intermediate held near $62. Wall Street regained some calm on Monday, with stocks and bonds gaining after a tumultuous week amid President Donald Trump's disruptive tariff policies. "Macro sentiment has stabilized for now, and crude oil is on a slow path to recovery," said Huang Wanzhe, an analyst at Dadi Futures. "With the first wave of ‘tariff...
Gold prices fell slightly in Asian trade on Tuesday, but remained near recent peaks as safe-haven demand remained buoyed by uncertainty over U.S. plans for trade tariffs. Gold prices have fallen in recent sessions as exemptions for electronics imports from high U.S. tariffs on China helped boost some risk sentiment. President Donald Trump on Monday also flagged the possibility of more exemptions. But Trump's 145% tariffs on China, coupled with Beijing's 125% tariffs, have largely remained in place, signaling a bitter trade war between the world's largest economies. The idea has kept gold...
Silver (XAG/USD) price continues to show strength for the fifth straight session, trading around $32.30 per troy ounce during the Asian session on Tuesday (4/15). The daily chart technical analysis shows a developing bullish trend, with the grey metal moving up within an ascending channel pattern. Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMA), indicating strong near-term momentum. Furthermore, the 14-day Relative Strength Index (RSI) is at the 50 level, reinforcing the active bullish bias. On the upside, the XAG/USD pair may target the upper boundary...
The GBP/USD pair attracted buyers for the sixth straight day and climbed above the 1.3200 mark, hitting a fresh high since October 2024 during the Asian session on Tuesday (4/15). Moreover, the bearish sentiment surrounding the US Dollar (USD) suggests that the path of least resistance for spot prices remains upwards. Investors remain concerned about the potential economic impact of the escalating US-China trade war. In fact, China increased its tariffs on US imports to 125% on Friday in retaliation for US President Donald Trump's decision to raise duties on Chinese goods to an...
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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