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...
EUR/USD gives up most of its intraday gains after revisiting the one-month high near 1.0530 in Monday's European session. The major currency pair surrenders significant gains as the Euro (EUR) weakens in the aftermath of the German federal election, with the absence of a clear majority by a single party that would hinder growth in the already fractured economy. Christian Democratic Union of Germany (CDU) leader Friedrich Merz is set to become the German Chancellor after getting majority votes but is expected to face a slew of difficulties, including complicated negotiations to form a...
Oil prices extended last week's losses on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were down 14 cents, or 0.2%, at $74.29 barrel by 0843 GMT, while U.S. West Texas Intermediate crude futures lost 21 cents, or 0.3%, to $70.19. Both Brent and WTI dropped by more than $2 on Friday, registering weekly declines of 0.4% and 0.5% respectively. All eyes remain on efforts to end Russia's war on Ukraine, which enters its fourth year on Monday. Officials said on Sunday that...
Gold prices moved in a flat-to-low range on Monday, remaining close to recent peaks as safe haven demand was boosted by increasing uncertainty over a U.S. economic slowdown and trade tariffs. The yellow metal clocked a series of record highs last week, benefiting from sustained haven buying after U.S. President Donald Trump threatened more trade tariffs. Concerns over a U.S. economic slowdown also fueled gold demand, especially following weak purchasing managers index and consumer sentiment readings on Friday. A drop in the dollar- on bets that a softer economy will spur more interest...
Silver price (XAG/USD) drifts higher to around $32.70 during the Asian trading hours on Monday. The weakening of the US Dollar (USD) provides some support to the USD-denominated commodity price. Furthermore, the uncertainty and concerns over US President Donald Trump's tariff plans might boost the safe-have flows, which contribute to Silver's upside. Silver prices rose recovering some of the losses from the previous session as the dollar came under pressure due to a deteriorating economic outlook in the US and a stronger euro. Ongoing trade and geopolitical uncertainties continued to fuel...
Oil prices slipped in Asia on Monday, extending losses from last week, on the prospect of a resumption of exports from Kurdistan's oilfields, while investors awaited clarity on talks to resolve Russia's war on Ukraine. Brent futures were down 14 cents, or 0.2%, at $74.29 barrel, as of 0441 GMT, while U.S. West Texas Intermediate crude futures lost 22 cents, or 0.3%, to $70.18 a barrel. Both Brent and WTI dropped by more than $2 on Friday, posting weekly declines of 0.4% and 0.5%, respectively. "The downward spiral in crude oil prices is driven by pressure from the U.S. president on Iraq...
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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