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...
The Japanese yen stabilized around 152.8 per dollar on Friday after Finance Minister Katsunobu Kato signaled that Japan would take "appropriate action" to address excessive foreign exchange fluctuations. Kato reiterated official warnings against speculative moves in the currency market and emphasized that the government is closely monitoring the impact of Donald Trump's policies on Japan's economy. Kato's comments came after opposition leader Yuichiro Tamaki warned that Trump's policies could intensify inflation in the US, potentially putting further downward pressure on the yen. On...
A gauge of the dollar inched higher after erasing much of its post-election gains in the previous session. Australia's dollar underperformed its Group-of-10 peers amid jitters before the outcome of China's key legislative meeting. The Bloomberg Dollar Spot Index rose 0.1%. It closed 0.8% lower Thursday, after spiking 1.3% following Donald Trump's victory in the US election. Aussie fell on leveraged sales ahead of event risk posed by the National People's Congress meeting in Beijing, according to an Asia-based FX trader. "There are many people who want to buy the dollar on...
Oil headed for a weekly gain as the market digested the implications of a second Trump presidency, including whether it would spur an expansion of stimulus efforts from No. 1 importer China. Brent crude traded above $75 a barrel, and was up more than 3% for the week. West Texas Intermediate was near $72. China's top legislative body is set to unveil the largest fiscal package since the pandemic on Friday, and there are also signs the prospect of an extended trade war with the US means there will be more stimulus going into next year. A Donald Trump presidency may...
Gold held a gain at the end of a volatile week's trading, after the Federal Reserve reduced interest rates and investors assessed the implications of Donald Trump's White House victory. Bullion was little changed below $2,707 an ounce after rising almost 2% on Thursday as the Fed cut borrowing costs by 25 basis points, in line with expectations. Chair Jerome Powell said he didn't rule "out or in" a cut in December, noting recent indicators suggested the economy was still expanding solidly. Lower rates tend to benefit the metal, as it doesn't pay interest. The gain on...
Crude futures reverse course and settle higher as the market continues to debate implications for oil of a second Trump administration, from facilitating more U.S. output to settling geopolitical conflicts that have added a premium to prices, or tightening sanctions against producers such as Iran and Venezuela. While Hurricane Rafael is seen tracking well south of the U.S. Gulf coast, platform evacuations had shut in around 22% of offshore production versus 17% yesterday, according to the Bureau of Safety and Environmental Enforcement. Earth Science Associates estimates overall output...
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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