Oil extended gains as the market turned its attention to trade talks between the U.S. and China later this week after President Donald Trump announced a deal with the U.K. West Texas Intermediate rose above $60 a barrel after rising 3.2% in the previous session. Brent settled near $63. Trump said negotiations with China would produce real progress, although Beijing reiterated its call on Thursday for the U.S. to roll back tariffs before talks. Crude has fallen since mid-January on concerns that Trump's tariffs will hamper economic growth, and as OPEC+ moves to revive stalled production....
Gold edged higher — after a tumultuous week in which it jumped nearly 6% in the first two sessions before retracing most of those gains — as markets digested the new U.S.-UK trade deal. Bullion was trading above $3,316 an ounce, up more than 2% for the week. The pact gives the U.S. better market access and a faster customs process for exports to the U.K., while the U.K. will see limited relief on auto, steel and aluminum tariffs. However, it falls short of the "complete and comprehensive" deal promised by President Donald Trump. Trump also said he was confident that this weekend's trade...
The AUD/USD pair extended its decline for the third straight session, trading near 0.6390 during the Asian session on Friday (09/05). The Australian dollar (AUD) remained pressured amid stalled progress in the US-China trade negotiations. Given the close economic ties between Australia and China, any pressure on the Chinese economy is likely to weigh on the AUD. Beijing is unlikely to ease tariffs ahead of upcoming talks in Switzerland, according to the Global Times—citing the Chinese Embassy in the United States. This has added to market uncertainty and dampened risk sentiment. In the...
Gold fell on Friday after U.S. President Donald Trump announced a trade deal with the UK, dimming bullion's safe-haven appeal, while attention shifted to U.S.-China talks this weekend. Spot gold fell 0.8% to $3,277.67 an ounce, as of 0217 GMT. U.S. gold futures lost 0.7% to $3,282.80. Trump and British Prime Minister Keir Starmer announced a "breakthrough deal". A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to U.S. goods. "I think the progress in trade talks and the U.S.-UK deal is the...
Oil prices were little changed on Friday morning after rising more than 3% in the previous session, as trade tensions between top oil consumers the U.S. and China showed signs of easing and Britain announced a "breakthrough" trade deal with the United States. Brent crude rose 7 cents, or 0.1%, to $62.91 a barrel while U.S. West Texas Intermediate crude rose 7 cents, or 0.1%, to $59.98 a barrel by 0121 GMT. On Thursday, Brent closed up 2.8%, or $1.72, and WTI gained 3.2%, or $1.84. U.S. Treasury Secretary Scott Bessent will meet with China's top economic official, Vice Premier He Lifeng, in...