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 steadied in Asian trade on Thursday as traders digested hawkish signals from the Federal Reserve, while U.S. President Donald Trump reiterated plans to increase domestic energy production. Oil prices were nursing losses over the past week after Trump called for lower oil prices and higher output in the U.S. and other major suppliers. Data showing a bigger-than-expected build in U.S. oil inventories also weighed on crude prices. Markets remained largely skittish over Trump's plans to impose more trade tariffs on major global economies, especially China. The White House on...
Dollar bulls were ready to pounce on the euro on Thursday should the European Central Bank sound dovish on rates later in the day, given the Federal Reserve had pressed the pause button on its easing cycle overnight Markets are more than fully priced for the ECB to trim rates by 25 basis points to 2.75% later on Thursday, with even a small chance of 50 basis points given how weak the EU economy is. "The euro area's inflationary pulse is evaporating, and the risk of a sustained inflation undershoot is material," warned analysts at ANZ. "The complex economic and political challenges facing...
Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires. Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics. In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.60 during the late American session on Wednesday. The WTI price edges lower after US crude stockpiles rose more than expected last week. US crude inventories rose last week. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending January 24 increased by 3.463 million barrels, compared to a decline of 1.017 million barrels in the previous week. The market consensus estimated that stocks would rise by 3.7 million barrels. The White House...
Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires. Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics. In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed...
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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