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...
Gold moves higher against the US Dollar (USD) on Tuesday, trading around $3,395 at the time of writing, bolstered by an escalation in the Israel-Iran conflict and rising safe-haven demand. The US President Donald Trump stated in a post on Truth Social on Tuesday: "I have not reached out to Iran for ‘Peace Talks' in any way, shape, or form. This is just more HIGHLY FABRICATED, FAKE NEWS! If they want to talk, they know how to reach me." He added that Iran "should have taken the deal that was on the table — would have saved a lot of lives." Markets reacted after Trump had earlier called for...
Oil prices rose Tuesday as traders digested the latest monthly IEA report while ongoing tensions in the Middle East provided support. At 06:15 ET (10:15 GMT), Brent oil futures for August rose 1.7% to $74.48 a barrel, while West Texas Intermediate crude futures gained 1.7% to $71.44 a barrel. Both contracts have seen volatile trading Tuesday, rising more than 2% earlier in the trading session but also notching declines. Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle...
Gold prices were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's U.S. Federal Reserve's policy meeting. Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT. U.S. gold futures fell 0.5% to $3,401.30. Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday. U.S. President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation...
The EUR/USD pair is trading practically flat, halfway through the 1.1500 range on Tuesday. Waning hopes of a truce in the Middle East have dampened risk appetite, but market volatility remains contained so far as investors await a slew of monetary policy decisions, including the Federal Reserve's (Fed) later this week. Israel and Iran have continued exchanging fire for the fifth day, and US President Donald Trump has urged citizens to evacuate Tehran, before leaving the G7 summit one day earlier to meet with the National Security Council. Concerns that the US might get involved in the...
The USD/CHF pair weakened to around 0.8135 during the early European session on Tuesday (6/17). Persistent geopolitical risks in the Middle East provided some support to the Swiss Franc (CHF) against the US Dollar (USD). Traders are gearing up for the US Retail Sales data for May, due later on Tuesday. The conflict between Israel and Iran has entered its fifth day despite global calls for negotiations and de-escalation. Late on Monday, US President Donald Trump called for the evacuation of the Iranian capital, Tehran, hours after urging the country's leaders to accept a deal to curb its...
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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