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...
Gold traded at a fresh record high early on Friday as the dollar continued to plunge amid an escalating tariff between the United States and China, while another U.S. inflation measure weakened last month. Gold for June delivery was last seen up US$69.30 to US$3,246.80 per ounce, rising off Thursday's record close of US$3,177.50. The rise comes as investors seek a safe haven with China and the United States continuing a tariff battle. China on Friday hiked its tariff on U.S. imports to 125%, a day after U.S. President Donald Trump raised levies on Chinese goods to 145%. The heightened...
The U.S. dollar slumped further Friday, falling to an almost two-year low, on weakening confidence in the American economy as the trade war between the two largest economies in the world escalated, with China once more raising the tariffs on U.S. goods. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 1.2% to 99.430, falling below the 100 level for the first time since July 2023. Dollar slumps to near two-year low U.S. President Donald Trump's pausing of widespread tariffs for 90 days helped the dollar, and global...
Oil prices rise in early trade on a softer U.S. dollar, but are still on course for a weekly loss as traders worry President Trump's trade war with China will weigh on global economic growth. Brent crude is up 1.4% at $64.18 a barrel, while WTI rises 1.4% to $60.93 a barrel. The dollar index--which measures the greenback against a half-dozen currencies--fell below 100, making commodities cheaper for holders of other currencies. Still, the crude benchmarks are poised to drop for a second straight week after Trump said tariffs on China add up to 145%, further raising concerns over a...
Silver rose above $31.20 per ounce on Friday, marking a third consecutive session of gains, as broad-based weakness in the U.S. dollar and renewed economic concerns fueled demand for alternative assets. The metal also benefited from rising haven flows, with the dollar losing some of its traditional safe-haven appeal. Despite a 90-day tariff reprieve, investors remain uneasy about President Trump's trade policies and their potential to tip the U.S. economy into recession. The White House recently confirmed cumulative tariffs on Chinese goods have reached 145%, raising the threat of further...
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Friday. The AUD/USD pair depreciates as the White House confirmed that the cumulative US tariffs on Chinese goods have risen to 145%. The announcement heightened tensions in the ongoing trade dispute between the world's two largest economies, raising concerns for Australia given its strong trade ties with China. The AUD found support on Thursday from reports that Australia is preparing to resume trade negotiations with the European Union (EU). Moreover, the Wall Street Journal reported that China also held talks with EU...
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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