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 US Dollar Index (DXY), which measures the value of the US dollar against a basket of currencies, remained down for a second day after hearing remarks from the US central bank chief. Federal Reserve (Fed) Chairman Jerome Powell's testimony to Congress emphasized a data-driven approach, suggesting that interest rates will remain steady unless inflation or labor conditions change. This notion reduces the likelihood of a rate cut at the March meeting. The US Dollar Index struggled to maintain momentum, slipping below its 20-day Simple Moving Average (SMA) around 108.50. The Relative...
Oil prices edged up to their highest in two weeks on Tuesday as sanctions raised concerns about Russian and Iranian oil supplies and tensions in the Middle East escalated, outweighing concerns that trade tariffs would raise inflation and hurt global economic growth. Brent crude futures rose $1.13, or 1.5%, to settle at $77.00 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.00, or 1.4%, to settle at $73.32. That sent both crude benchmarks up for a third day and to their highest close since Jan. 28. "With U.S. pressure on Iranian exports and sanctions still squeezing...
Gold prices fell below $2,900 an ounce on Tuesday (2/11) from a record $2,940 as investors took profits, although sentiment remained bullish amid trade tensions. The decline was driven by short-term traders cashing in profits, with some expecting consolidation before the next move higher. President Trump's 25% tariffs on steel and aluminum imports fueled fears of a broader trade war, adding to market uncertainty. Investors now await Wednesday's US inflation data, which could shape Fed policy expectations. While gold is a hedge against inflation, the Fed's cautious stance on rate cuts could...
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is broadly flat and still resides above 108.00. The Greenback looks to be immune to US President Donald Trump's tariff talks. While China silently slapped some minor tariffs on US goods in a tit-for-tat move on Monday, Trump introduced a 15% levy on steel and aluminum for all countries importing that will come into effect on March 12. Source: FXStreet
Gold's price (XAU/USD) has breached the previous all-time high and sets a new record high at $2,942 in early Tuesday trading before flipping into a loss for the day. Meanwhile, United States (US) President Donald Trump has imposed 25% tariffs on steel and aluminum imports for all countries as of March 12,, while China has quietly imposed retaliatory tariffs on some US goods. China is only showing its teeth by now and has not gone full blazing, while US President Trump is nowhere near his promised 60% levies on all Chinese products as announced earlier in his campaign, Bloomberg...
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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