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 U.S. dollar strengthened on Monday, as investors assessed key negotiations between U.S. and Russia on a deal to end the war in Ukraine and lingering tariff concerns, as well as an interest rate reduction by Australia's central bank. By 07:41 EST (12:41 GMT), the U.S. dollar index, which measures the greenback against a basket of major currencies, rose 0.4% to 106.99. The index declined more than 1% last week. The euro was 0.3% lower at $1.05, while sterling also eased 0.3% to $1.26. Officials from the U.S. and Russia are holding crucial talks in Saudi Arabia on a potential agreement...
Oil extended gains on Tuesday after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were kept in check by the prospect of rising supply. Brent crude futures gained 44 cents, or 0.6%, to $75.66 per barrel by 1014 GMT. U.S. West Texas Intermediate crude futures were up 91 cents from Friday's close to $71.65 a barrel. There was no settlement for WTI on Monday because of the U.S. Presidents' Day holiday. "The overriding theme driving oil prices lately has been around supply expectations. With the weakness in prices over past weeks, news...
EUR/USD declines to near 1.0450 in Tuesday's European session after failing to hold above the psychological resistance of 1.0500 in the last two trading days. The major currency pair slumps as the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rebounds after attracting bids near a two-month low and recovers to near 107.00 at the press time. The Greenback discovers buying interest as investors weigh in expectations that the Federal Reserve (Fed) will keep interest rates in the current range of 4.25%-4.50% for a longer period. On Monday, a slew of...
Gold's price (XAU/USD) is flirting with a near 0.50% gain this Tuesday in the European trading session, with the precious metal trading around $2,910 at the time of writing. US yields are catching up on events after the US President's Day holiday on Monday. Still, Gold is in favor of traders as a safe haven for tariffs and geopolitical uncertainty. Meanwhile, Federal Reserve Bank (Fed) President of Philadelphia Patrick Harker advocated on Monday night for the central bank to keep interest rates unchanged. He pointed out that recent inflation reports and gauges are not tracking economic...
The Pound Sterling (GBP) gives up an upbeat United Kingdom (UK) labor market data-driven recovery against its major peers on Tuesday. The British currency falls back as Bank of England (BoE) Governor Andrew Bailey has reiterated his concerns over the economic outlook. Bailey said in an event hosted by Bruegel, in Brussels in Tuesday's European session that we (officials) are facing a "weak growth environment" in the UK and added that we are in a period of "heightened uncertainty". Bailey also said in his interview with the BusinessLine on Monday that the economic outlook is sluggish and...
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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