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...
Spot gold prices ended last week at a record high and are set to continue to rise in Asian trading, said Chris Weston, head of research at Pepperstone. He said gold prices could test their all-time high of $3,500.10 an ounce. Traders have been reducing profitable long positions in silver, platinum and palladium, potentially increasing cash in their portfolios or even shifting exposure to gold, he added. (alg) Source: Dow Jones Newswires
Oil prices rose in early Asian trade on Monday after Israel and Iran launched fresh attacks on Sunday, raising concerns that the escalating fighting could trigger a wider regional conflict and disrupt oil exports from the Middle East. Brent crude futures rose $1.70, or 2.3%, to $75.93 a barrel by 2253 GMT, while U.S. West Texas Intermediate crude rose $1.62, or 2.2%, to $74.60. Oil prices had jumped more than $4 earlier in the session. Both benchmarks closed 7% higher on Friday, after jumping more than 13% during the session to their highest since January. The latest attacks between...
The Australian Dollar (AUD) is weakening against the US Dollar (USD) on Friday, with price action being guided by a combination of factors. The two primary drivers of the recent move have been increasing geopolitical risks and interest rate expectations, which are likely to continue influencing near-term price movements. At the time of writing, AUD/USD is trading below 0.6500, with intraday losses of 0.60%. Market sentiment remains fragile following the escalation of tensions in the Middle East. Reports overnight say that Israel launched targeted strikes on Iranian nuclear and military...
The Japanese Yen (JPY) is trading weaker against the US Dollar (USD) on Friday, as geopolitical tensions and central bank policy divergence drive market flows. USD/JPY has staged a modest rebound, trading above 144.00 at the time of writing, as demand for the safe-haven US Dollar picks up. Reports of Israeli strikes on Iranian nuclear facilities have lifted geopolitical risk, supporting the USD and weighing on the Yen. Meanwhile, expectations that the Bank of Japan (BoJ) will leave interest rates unchanged at its upcoming meeting on Tuesday have further limited JPY gains. While BoJ...
GBP/USD is tumbling over 0.40% on Friday as geopolitical tensions triggered a flow towards the US Dollar (USD) haven status after Israel launched an attack on Iran, which escalated the Middle East conflict. The pair traded near 1.3550s after hitting a three-year peak of 1.3632.Israel's attacks targeted Iran's nuclear facilities, missile factories and military commanders, according to Israeli officials. Iran media revealed that explosions were heard in Tehran and Natanz, the latter being crucial for the Iranian nuclear program. Consequently, Iran retaliated against Israel and sent over 100...
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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