Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.46, or 2.33%, to $64.24 a barrel by 0626 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.45 a barrel, up $1.66, or 2.73%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their...
Silver prices rose over 1% to around $33.40 per ounce on Monday, approaching two-month highs as escalating global trade tensions boosted demand for safe-haven assets. The move came after US President Donald Trump announced plans late Friday to double tariffs on steel and aluminum imports to 50%, effective June 4. China also rejected Trump's claims that it breached a trade agreement reached in Geneva last month—casting further doubt on the prospect of a call between Trump and Chinese President Xi Jinping. The tariff announcement also comes amid an ongoing legal battle over the legality of...
The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation. The greenback starts the week on the back foot after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were "groundless," and promised to...
Gold prices rose to a more than a one-week high on Monday, driven by safe-haven demand as renewed U.S. tariff threats from President Donald Trump and escalating tensions between Russia and Ukraine heightened global trade and geopolitical fears. Spot gold was up 2% at $3,353.29 an ounce, as of 1128 GMT, after hitting its highest level since May 23, earlier in the session. U.S. gold futures rose 1.9% to $3,378.40. The dollar (.DXY), opens new tab was down 0.6% against its rivals, after Trump said on Friday that he plans to double duties on imported steel and aluminum to 50%, and as Beijing...
The crude oil market devotes considerable energy to what OPEC+ says, but perhaps a little less to what it actually does when it comes to the supply of the world's most important commodity. The eight members of the wider group that had implemented voluntary production cuts met at the weekend and decided to raise output by 411,000 barrels per day (bpd) in July, the third straight month of the same increase. More than half of the lift in output will be split among the big three of the OPEC+ group, namely Saudi Arabia, Russia and the United Arab Emirates. However, there are two questions that...