Oil prices fell Tuesday after the International Energy Agency cut its oil demand forecast, although losses have been curbed by a potential pause of U.S. tariffs on the auto sector. At 09:00 ET (13:00 GMT), Brent Oil Futures expiring in June slipped 0.8% to $64.37 per barrel, and West Texas Intermediate WTI crude futures dropped 0.8% to $61.04 per barrel. IEA cuts global oil demand growth The IEA cut its forecasts earlier Tuesday for global oil demand growth to 730,000 barrels per day (bpd) this year from 1.03 million bpd, and to 690,000 bpd next year, citing escalating trade tensions. On...
The US Dollar (USD) gains temporary ground after stabilizing near its recent lows, with the US Dollar Index (DXY) rebounding from its three-year low of 99.00 to 100.00 during North American trading hours on Tuesday.However, the recovery move could be short-lived as financial market participants remain concerned over United States (US) President Donald Trump's erratic tariff announcements, which have led them to doubt the structural attractiveness of the US Dollar. Analysts at Commerzbank said, "With every U-turn in Trump's 'dealmaking', the US president destroys further planning security...
Sterling rallies despite unchanged UK unemployment at 4.4% as strong wage growth complicates BoE's easing path.The US Dollar Index drops over 5% in three weeks as safe-haven demand fades and tariff risks grow.UK inflation data and Powell's speech are in focus; the UK remains exempt from US tariffs for now.The Pound Sterling (GBP) rose and refreshed six-month highs against the US Dollar (USD) on Tuesday as the financial markets' narrative remains linked to the US imposing tariffs. Cable shrugged off soft United Kingdom (UK) jobs data; hence, GBP/USD rallied 0.36% and is trading at...
Oil prices were little changed on Tuesday as investors digested the latest headlines on U.S. President Donald Trump's on-again, off-again tariffs and tried to figure how much the U.S.-China trade war could reduce global economic growth and oil demand. Brent crude futures fell 21 cents, or 0.3%, to settle at $64.67 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.3%, to settle at $61.33. Vacillating U.S. trade policies have created uncertainty for global oil markets and prompted the Organization of the Petroleum Exporting Countries to lower its demand outlook...
The Australian Dollar (AUD/USD) gave up its earlier strength on Tuesday, falling from session highs near 0.6340 to trade closer to the 0.6280 area during North American hours. The reversal came as the US Dollar Index (DXY) attempted a modest bounce off its three-year low near the 99.00 mark. This shift in tone followed remarks from US officials suggesting reduced recession risks and progress on trade negotiations with Europe, though concerns remain over the unresolved US-China tariff fight.USD sentiment fluctuates on mixed economic signalsKevin Hassett from the US National Economic Council...