Oil prices were heading for their second straight weekly fall on Friday against a backdrop of investor concern over recession sparked by the burgeoning trade war between the United States and China. Brent crude futures were down 25 cents on the day, or 0.39%, at $63.08 a barrel by 1312 GMT while U.S. West Texas Intermediate crude fell 30 cents, or 0.50%, to $59.77. Brent and WTI are poised to register weekly declines of 3.8% and 3.5%, respectively, having both lost about 11% last week. Brent dipped below $60 a barrel at one point this week for its lowest since February 2021. "China's...
Gold prices continued their rally for the third straight day on Friday (11/4) with the yellow metal hitting a new all-time high of $3,245. The gain of over 2% was recorded amid the escalating trade war between the US and China and its impact on the global economy. At the time of writing, XAU/USD was trading at $3,233. During the North American session, China imposed 125% tariffs on the US in retaliation for US President Donald Trump's decision to raise its import duties to 145% on Chinese products. Hence, investors seeking safety pushed the Bullion prices higher, driven by a weaker...
WTI crude prices rose 2.4% to settle at $61.50 a barrel on Friday, after U.S. Energy Secretary Chris Wright hinted the U.S. may block Iranian oil exports in a bid to pressure Tehran over its nuclear program. However, concerns over the U.S.-China trade dispute continue to weigh on demand expectations. China announced a sharp increase in tariffs on U.S. goods to 125%, while the White House confirmed total U.S. tariffs on Chinese imports now stand at 145%. In response, the U.S. Energy Information Administration cut its global oil demand forecast, warning that prolonged trade tensions could hurt...
The US dollar index (DXY) continued its slide on Friday, falling near the 100 area after hitting a fresh three-year low earlier in the day. The downtrend reflects a broad decline in investor confidence as fresh data and central bank comments paint a grim picture for the US economy. The University of Michigan sentiment index fell in April, while the Producer Price Index came in below estimates, adding to market fears of disinflation. Several Federal Reserve officials have flagged rising inflation expectations as a risk, even as near-term economic data hints at weakening demand. Technically,...
Gold fell slightly from a record as markets digested the latest U.S. trade news from President Donald Trump, who has turned to safe havens amid growing confusion over his tariff agenda. Bullion fell as much as 0.8% in early trading on Monday — following a more than 6% gain last week that saw it trade above $3,245 an ounce for the first time. The decline came after a modest reprieve for the dollar from its recent rout, following a U.S. pause on reciprocal tariffs on smartphones, computers and other electronics. However, the recovery stalled after Trump on Sunday signaled separate duties on...