Oil prices fell 2% on Wednesday as sources said OPEC+ would consider accelerating its oil output increase in June, but losses were contained following a report that U.S. President Donald Trump may cut tariffs on Chinese imports. Brent crude futures settled down $1.32, or 1.96%, at $66.12 a barrel, while U.S. West Texas Intermediate crude ended $1.40, or 2.2%, lower at $62.27. Global benchmark Brent hit a session high of $68.65, its highest since April 4, before the OPEC+ news. Some OPEC+ members are set to suggest the group accelerate its oil output increase for a second straight month in...
The US Dollar Index (DXY) failed to maintain its early strength on Wednesday (4/23) and now hovers near the 99.50 region, reflecting continued uncertainty over US trade policy and weakening business momentum. The greenback's intraday surge towards the 100.00 mark during Asian trade faded quickly after comments from Treasury Secretary Scott Bessent and fresh scrutiny of President Donald Trump's policy stance. Additionally, the Federal Reserve's Beige Book pointed to worsening economic conditions. On the economic front, the S&P Global Composite Flash PMI for April fell to 51.2 from 53.5,...
Gold rose toward $3,360 per ounce on Thursday, following a two-day decline, as lingering uncertainty over the US-China trade war sustained demand for the safe-haven asset. Treasury Secretary Scott Bessent said Wednesday that steep tariffs between the US and China will need to be reduced before trade talks can advance, though he emphasized that President Trump will not unilaterally cut tariffs on Chinese goods. Meanwhile, Trump plans to exempt carmakers from certain tariffs after weeks of intense lobbying by industry executives, easing some concerns over trade tensions. Gold has now risen...
The dollar index slipped to around 99.6 on Thursday, easing after two consecutive sessions of gains, as investors took stock of President Donald Trump's shifting stance on Chinese tariffs. The Trump administration is reportedly considering lowering tariffs on Chinese imports pending talks with Beijing, while China signaled openness to trade talks on the condition that Washington refrains from further threats. However, optimism was tempered by comments from US Treasury Secretary Scott Bessent, who clarified that Trump has not proposed any unilateral tariff cuts and that formal negotiations...
Oil prices inched higher in Asian trade on Thursday following steep losses in the prior session, as investors digested reports that OPEC+ plans to further ramp up production in June. The commodity was supported by signals of potential tariff negotiations between the U.S. and China.Brent Oil Futures expiring in June edged 0.3% higher to $66.33 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $61.78 per barrel. Both contracts settled nearly 2% lower on Wednesday in anticipation of increased supply from the Organization of the Petroleum Exporting Countries. OPEC+...