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 rose after surging to their highest in nearly five months on Tuesday, as President Donald Trump stoked speculation that the U.S. might join an attack on Iran, raising concerns about a disruption to Middle East supplies. West Texas Intermediate crude rose as much as 1.1% to trade above $75 a barrel earlier. Brent crude settled near $76 in the previous session. Trump met with his national security team on Tuesday, demanding Iran's "UNCONDITIONAL SURRENDER" and warning of a possible attack on the OPEC producer leader ahead of the meeting in a social media post. So far, Iran's crude...
Gold was steady in early Asian trade, supported by continuing geopolitical tensions that typically boost the precious metal's appeal as a safe haven. The Israeli military issued two warnings about incoming missiles early Wednesday, local time, saying the launches had been detected as being aimed at Iran and that they were trying to intercept them. "The environment for precious metals remains favorable," Thu Lan Nguyen of Commerzbank Research said in a note. The head of FX and Commodity Research cited factors including continued high geopolitical uncertainty. Spot gold was little changed at...
GBP/USD plummeted over 1.2% on Tuesday, backsliding through near-term congestion and popping out the other side near the 1.3400 handle after global investors were knocked off their pre-seeded hopes that the Israel-Iran altercation would find a quick and peaceful resolution. Donald Trump, posting on social media Tuesday, declared that he wants an "UNCONDITIONAL SURRENDER" from Iranian supreme leader Ali Khamenei, and announced that American military assets were moving into the Middle East conflict region. The escalation between Israel and Iran, on top of Trump's decision to further involve...
The US Dollar rallied past 98.86, up 0.74% at four-day highs, despite US Treasury yields plunging. This move came despite the release of worse-than-expected US Retail Sales data in May and a softer reading on Industrial Production. On Wednesday, Initial Jobless Claims for the last week, Housing Starts, Building Permits, and the Federal Open Market Committee (FOMC) policy decision would set the tone for the Greenback. Consequently, most G8 forex currencies were laggards compared to the US Dollar. The EUR/USD fell below 1.1500 even though German ZEW figures were positive, and ECB's officials...
WTI crude oil futures rallied 4.3% to settle at $74.8 per barrel on Tuesday, as escalating tensions between the US and Iran reignited supply concerns. US President Donald Trump demanded Iran's "unconditional surrender" and directly threatened Supreme Leader Ayatollah Ali Khamenei, calling him "an easy target" in a series of social media posts. The gains reversed Monday's losses, which were driven by hopes of a ceasefire between Iran and Israel. Despite the latest escalation, the oil market has remained relatively stable, supported by strong global supply, including rising OPEC+ output and...
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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