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 rose more than 1% to $74 a barrel on Tuesday, boosted by supply risks in Libya despite concerns over potential U.S. trade tariffs. Protesters have demanded the closure of two key Libyan ports, Ras Lanuf and Es Sider, threatening significant disruptions to crude exports. The shutdown could affect hundreds of thousands of barrels starting Tuesday. Meanwhile, President Trump has expressed support for higher tariffs of 2.5% on foreign-made goods, including steel, aluminum and copper. This follows a 2% drop in crude prices on Monday due to weak Chinese manufacturing data and global...
The USD/CHF pair rebounded strongly, edging above the key hurdle of 0.9050 during the North American trading hours on Tuesday (1/28) after a two-week correction near 0.8965. The Swiss Franc pair strengthened as the US Dollar (USD) continued its upward journey amid a nervous market environment. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, surged near 108.00. Investors rushed to the US Dollar as global technology stocks slumped on the assumption that China's DeepSeek's low-cost Artificial Intelligence (AI) model will narrow the technology gap...
Gold prices (XAU/USD) are facing pressure for the second straight day, trading around $2,735 at the time of writing on Tuesday (1/28), following a more than 1% drop the previous day after Chinese AI startup DeepSeek rocked the market. The results were not small, with over $550 billion in market capitalization wiped out for Nvidia alone. Given the sensitivity of technology, cryptocurrencies such as Bitcoin also suffered, with Bitcoin (BTC) losing over 6.5% at one point among the victims of spillover in the financial market asset class. This has benefited US President Donald Trump, who has...
The pound (GBP) fell below 1.2450 against the US dollar (USD) in the European session on Tuesday (28/1) after failing to break above the psychological resistance of 1.2500. GBP/USD fell sharply as the US dollar's safe-haven appeal increased amid a gloomy market mood. The US dollar index (DXY), which tracks the greenback against a basket of six major currencies, surged near 108.00 after a sharp sell-off in power companies, data centers and chatbot companies worldwide has boosted its safe-haven appeal. Global tech stocks plunged amid concerns that China's DeepSeek Artificial Intelligence...
Silver prices fell to around $30 an ounce on Tuesday (1/28), extending losses from the previous session as the dollar strengthened amid increasing tariff threats from U.S. President Donald Trump. Trump unveiled plans to impose tariffs on imported chips, pharmaceuticals, steel, aluminum and copper in an effort to boost domestic production. Traders also remained cautious ahead of a Feb. 1 deadline for the first round of tariffs targeting China, Mexico and Canada, as previously announced by the president. Meanwhile, investors are preparing for this week's U.S. Federal Reserve policy decision,...
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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