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 dollar index pared early gains to trade around 98 on Monday, hovering near its lowest levels since 2022, as traders dialed back some risk-off positioning while closely watching developments in the Israel-Iran conflict. The two nations continued to exchange attacks for a fourth consecutive day, defying international calls for de-escalation. Investors are also looking to the G7 summit for potential responses to global flashpoints, including the crises in the Middle East and Ukraine, as well as ongoing trade tensions. Meanwhile, attention is turning to a busy week of monetary policy...
Gold rose to a near two-month high on Monday, as escalating clashes between Israel and Iran over the weekend stoked fears of a wider regional conflict, prompting investors to turn to safe-haven assets. Spot gold was little changed at $3,428.89 an ounce, at 0508 GMT, after hitting its highest since April 22 earlier in the session. U.S. gold futures fell 0.1% to $3,448.10. "The compounding political risk premium that has risen due to the current Iran-Israel conflict has boosted safe-haven demand for gold," said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. "Currently, prices...
The USD/CHF pair strengthened around 0.8125 during the early European session on Monday (6/16), supported by a rebound in the US dollar (USD). Investors await the Swiss May Producer and Import Prices and SECO Economic Forecast, due to be published on Monday. Friday's stronger-than-expected US economic data lifted the greenback against the Swiss franc (CHF). The University of Michigan Consumer Sentiment Index improved to 60.5 in June, compared to 52.2 in the previous reading. The reading was stronger than the expected reading of 53.5. Meanwhile, the US Dollar Index (DXY), a gauge of the...
Oil prices were volatile on Monday, after jumping 7% on Friday, as fresh attacks by Israel and Iran over the weekend raised concerns that fighting could spread across the region and significantly disrupt oil exports from the Middle East. Brent crude futures rose 64 cents, or 0.86%, to $74.87 a barrel by 0507 GMT, while U.S. West Texas Intermediate crude rose 76 cents, or 1.04%, to $73.74. Oil prices had jumped more than $4 a barrel earlier in the session and also briefly dipped into negative territory. Both benchmarks closed 7% higher on Friday, after jumping more than 13% during the...
Silver (XAG/USD) prices moved lower to around $36.20 during Asian trading hours on Monday (6/16). The recovery in the greenback weighed on the USD-denominated commodity. However, the downside potential seems limited amid rising geopolitical tensions in the Middle East. Upbeat US economic data released on Friday could provide some support to the US Dollar (USD). The University of Michigan Consumer Sentiment Index improved for the first time in six months, with the index rising to 60.5 in June from 52.2 in the previous reading. This reading was above the market estimate of 53.5. On the other...
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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