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...
Silver (XAG/USD) prices extended its correction for the third trading day, dropping nearly 1.5% to near $35.50 during European trading hours on Thursday (6/12). The white metal corrected after failing to extend its more than a decade-high of $36.90 recorded on Monday. The asset faced sharp selling pressure despite the escalating tensions in the Middle East. According to officials in the United States (US) and Europe, Israel appears to be preparing to launch an attack on Iran soon, The New York Times reported. Meanwhile, Washington has announced that it will reduce the number of personnel...
Most Asian currencies rose on Thursday, led by gains in the South Korean won and the Japanese yen as the U.S. dollar weakened after President Donald Trump took a softer stance while affirming progress in U.S.-China trade negotiations. The US Dollar Index, which measures the greenback against a basket of major currencies, slid 0.3% in Asia hours, reaching its lowest level in over six weeks. The moves were also affected by expectations of Federal Reserve interest rate cuts this year after a benign consumer inflation print. US Dollar Index Futures were also trading 0.3% lower. Investors...
Gold prices rose on Thursday, bolstered by rising tensions in the Middle East and a weaker dollar, while softer-than-expected U.S. inflation data boosted expectations of Federal Reserve rate cuts. Spot gold was up 0.6% at $3,373.09 an ounce, as of 0552 GMT. U.S. gold futures gained 1.5% to $3,393.80. The U.S. dollar index (.DXY), opens new tab fell to a near two-month low, making greenback-priced bullion more attractive to overseas buyers. The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a "bullish...
Oil prices eased on Thursday, reversing gains made earlier in the Asian trading session, as market participants assessed a U.S. decision to move personnel from the Middle East ahead of talks with Iran over the latter's nuclear-related activity. Brent crude futures were down 30 cents, or 0.4%, to $69.47 a barrel at 0433 GMT, while U.S. West Texas Intermediate crude was 23 cents lower, or 0.3%, at $67.92 a barrel. A day earlier, both Brent and WTI surged more than 4% to their highest since early April. U.S. President Donald Trump said the U.S. was moving personnel because the Middle East...
The Australian dollar depreciated past $0.649 on Thursday, extending its decline from the previous session as risk sentiment soured amid fresh tariff threats from US President Donald Trump. On Wednesday, he announced plans to dispatch official letters to major trading partners within the next one to two weeks, outlining unilateral tariffs aimed at compelling countries to negotiate trade deals. Adding pressure on the Aussie dollar were rising expectations of further interest rate cuts by the Reserve Bank of Australia. Markets price in an 80% chance of a 25 bps cut to 3.60% at the July 8...
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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