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...
Oil prices rose Monday, bouncing after three consecutive weekly declines despite US President Donald Trump's new tariff announcement on all steel and aluminum imports. At 08:10 ET (13:10 GMT), Brent Oil Futures rose 1.4% to $75.69 a barrel, while Crude Oil WTI Futures expiring in March gained 1.5% to $72.05 a barrel. Both contracts lost nearly 2% last week after a sharp jump in US crude stockpiles, fears about a global trade war, and Donald Trump's pledge to boost production. Trump signals levies on steel and aluminum imports The imposition of a 10% tariff on Chinese imports by the US...
Gold's price (XAU/USD) is jumping higher as buyers dig into the precious metal on Monday, printing several fresh all-time highs above $2,900 at the time of writing. The move comes after United States (US) President Donald Trump said he would announce "reciprocal tariffs" on many countries on Tuesday or Wednesday, adding to increasing uncertainty in global financial markets. On Sunday, US President Trump said a 25% levy would apply for all steel and aluminum imports into the US, but did not say when they would be applied. Meanwhile, traders will focus on Federal Reserve (Fed) Chair...
The Pound Sterling (GBP) ticks higher to near 1.2415 against the US Dollar (USD) in Monday's European session. The GBP/USD pair is marginally higher even though the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, is up almost 0.2%, which indicates significant strength in the Pound Sterling. The DXY Index gains as investors turn cautious about renewed global trade war tensions. US President Donald Trump threatened to raise 25% tariffs on steel and aluminum imports and impose reciprocal tariffs on nations he saw as engaging in unfair trade...
Oil prices ticked higher on Monday, rebounding after declines last week on concerns about a global trade war, as investors appeared to shrug off U.S. President Donald Trump's latest threat, this time on steel and aluminium imports. Brent crude futures was up 74 cents, or 1%, to $75.40 a barrel by 0938 GMT while U.S. West Texas Intermediate crude also climbed 1%, or 72 cents, at $71.72 a barrel. The market posted its third consecutive weekly decline last week on concerns about a global trade war. Source: Reuters
The US dollar rose Monday after US President Donald Trump threatened to levy new tariffs on metal imports, prompting demand for the safe haven, while the euro retreated. At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher to 108.140. Dollar gains on trade war fears Concerns about a potential global trade war were raised Monday after President Trump said he will announce new 25% tariffs on all steel and aluminium imports into the US later on Monday. The US president also said he will impose reciprocal tariffs...
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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