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...
WTI crude oil futures fell below $72 per barrel on Tuesday after China announced a package of tariffs on a range of U.S. products in response to President Donald Trump's tariffs, heightening concerns about a potential trade war between the world's two largest economies. China said it will impose tariffs of 15% on coal and LNG imports from the U.S. and 10% on crude oil, farm equipment, and certain cars, effective February 10. This move came after the passing of a deadline that imposed a 10% U.S. tariff on all Chinese goods. Trump had earlier delayed planned levies on Canada and Mexico by a...
The dollar index rose toward 109 on Tuesday as the 10% US tariffs on imports from China took effect, marking the start of a trade war that could have significant economic repercussions. China immediately retaliated by imposing its own tariffs on selected US exports, including oil, gas, coal, cars, and farm equipment, effective February 10. Markets are now weighing the potential impacts of these tariffs on growth and inflation, further clouding the outlook for Federal Reserve monetary policy. Meanwhile, President Trump agreed late on Monday to "immediately pause" planned tariffs on Mexico...
GBP/USD continues to gain ground for the second successive session, trading around 1.2430 during the Asian hours on Tuesday. The pair improved amid improved risk-on sentiment after US President Donald Trump announced late Monday that he would pause tariffs on Mexico and Canada. However, market volatility remains a concern, with investors closely monitoring developments in ongoing tariff negotiations. President Trump stated that he would suspend steep tariffs on Mexico and Canada after their leaders agreed to deploy 10,000 soldiers to the US border to combat drug trafficking. The tariffs...
The Japanese yen fell past 155 per dollar on Tuesday, struggling to regain momentum as the suspension of U.S. tariffs on Mexico and Canada reduced demand for the safe-haven currency. On Monday, U.S. President Donald Trump agreed to "immediately pause" planned tariffs on Mexico and Canada for a month after successful negotiations with their respective leaders. Markets are also becoming more optimistic that the U.S. and China could strike a deal to prevent the 10% tariffs on Chinese imports set to take effect later today. In Japan, investors are focusing on Wednesday's release of wage...
Gold traded above $2,810 per ounce on Tuesday, hovering near a record-high hit in the previous session, supported by safe-haven demand amid global trade uncertainties Markets continued to navigate the implications of U.S. tariffs, as President Donald Trump agreed to delay duties on Mexico and Canada for a month after the leaders of both countries took steps to address his concerns about border security and drug trafficking. Tariffs of 10% are still set to be imposed on China today, though Trump said he'd hold further talks to Beijing. The inflationary impact of tariffs could further...
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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