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 Australian Dollar (AUD) recovered its daily losses against the US Dollar (USD) on Tuesday (6/17). However, the AUD/USD pair faced challenges as traders remained cautious amid ongoing geopolitical tensions. However, the risk-sensitive AUD/USD pair gained on optimism after Iran reportedly asked multiple countries, including Oman, Qatar, and Saudi Arabia, to urge US President Donald Trump to use his influence with Israel for an immediate ceasefire, according to Reuters. Additionally, risk sentiment improved as Canadian Prime Minister Mark Carney agreed with Trump that their countries...
Oil prices rose on Tuesday amid concerns that the Iran-Israel conflict could escalate, raising the risk of further unrest and potential disruptions to oil supplies from the key Middle East producing region. Brent crude futures rose 34 cents, or 0.5%, to $73.57 a barrel by 0340 GMT. U.S. West Texas Intermediate crude futures rose 29 cents, or 0.4%, to $72.06. Both contracts rose more than 2% earlier in the session. Oil prices fell more than 1% on Monday amid hopes that the conflict would ease after media reports that Iran was seeking to end hostilities. However, concerns grew after U.S....
Gold rose on Tuesday as rising geopolitical uncertainty stemming from the Israel-Iran row and U.S. President Donald Trump's call to evacuate Tehran prompted investors to seek safe-haven assets. Spot gold was up 0.4% at $3,396.67 an ounce, by 0239 GMT, after falling more than 1% on Monday. U.S. gold futures were steady at $3,416.30. "Market sentiment continues to fluctuate between escalation and de-escalation regarding events in the Middle East, and it is this shift in sentiment back and forth that is driving gold prices either side of the $3,400 level," said Tim Waterer, chief market...
The dollar firmed slightly on Tuesday, though most currencies held tight ranges as investors remained concerned about ongoing tensions in the Middle East and awaited an upcoming central bank decision. The Bank of Japan concludes its two-day monetary policy meeting on Tuesday, where it is widely expected to keep interest rates steady and consider tapering bond purchases slowly starting next fiscal year. Ahead of the outcome, the yen firmed slightly to 144.70 per dollar, reversing some of its decline from the previous session. "Markets are now refocusing their attention on the usual...
Gold edged up in early Asian trading amid ongoing geopolitical tensions that typically boost the precious metal's appeal as a safe haven. Israel attacked buildings belonging to Iran's state-owned media company in Tehran. The attacks came despite Tehran sending a message through intermediaries calling for a return to nuclear talks if the U.S. stays out of the conflict. "The geopolitical backdrop remains highly volatile," Fawad Razaqzada, market analyst at City Index and FOREX.com, said in an email. "The Israeli attack on Iran has injected a clear risk premium across commodities," the...
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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