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 prices were steady on Thursday after a five-session rally to an all-time high as trade tensions between the world's two largest economies raised concerns about economic growth and uncertainty over the future direction of U.S. interest rates. Spot gold edged up 0.1 percent to $2,867.93 an ounce by 1214 GMT after hitting an all-time high of $2,882.16 on Wednesday. U.S. gold futures were flat at 2,892.20. (Newsmaker23) Source: Reuters
EUR/USD corrected near 1.0360 in the late European session on Thursday. The major currency pair declined as the US dollar (USD) strengthened after a sharp decline in the last three trading days. The US Dollar Index (DXY), which tracks the greenback against six major currencies, recovered near 108.00 from a weekly low of 107.30. The US dollar recovery appears to be a result of investors' caution ahead of the January Nonfarm Payrolls (NFP) data, due for release on Friday. The upbeat ADP Employment Change data for January has given a positive impression to the official employment data. ADP...
Bank of Japan (BOJ) board member Naoki Tamura's remarks on Thursday (Feb. 6) have boosted the yen, as he suggested interest rates should reach at least 1% in the second half of the fiscal year starting in April 2025. Tamura, known for his hawkish stance, indicated that the BOJ should act in response to rising inflationary pressures from rising raw material and labor costs. Tamura's remarks have fueled market expectations of a near-term rate hike, with the yen strengthening against the dollar, which fell to a two-month low of 151.81 yen. Furthermore, the yield on the two-year Japanese...
The dollar edged up on Thursday, but stayed close to recent lows, as traders weighed receding trade war risks and looked ahead to Friday's key U.S. data, while sterling dipped ahead of the Bank of England's policy decision. The yen touched an eight-week top versus the U.S. dollar after a Bank of Japan policy board member advocated continued interest rate hikes, but pared the gains and was broadly flat in European trade. The dollar rose against a basket of peers to 108, but still hovered near the lowest level since the start of last week, with investors beginning to entertain prospects that...
Oil prices edged up on Thursday after Saudi Arabia's state oil company raised its March crude prices sharply, but the gains barely dented the previous day's slide in benchmark Brent crude. Brent crude futures rose 28 cents, or 0.4%, to $74.89 a barrel by 0952 GMT. U.S. West Texas Intermediate crude was up 35 cents, or 0.5%, at $71.38. Oil prices had plunged by more than 2% on Wednesday as a large build in U.S. crude and gasoline stockpiles signalled weaker demand while investors also weighed up the implications of a new round of U.S.-China trade tariffs, including duties on energy...
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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