Oil prices rebounded after last week's decline after OPEC+ agreed to raise production at a modest rate, amid doubts about how many members could continue to increase output. The rise marked a reversal of production cuts that were previously set to last until the end of 2026—following the return of most of the oil production that had been halted for several months—as the alliance seeks to regain market share. This signals the alliance's confidence in further pushing its bold oil market strategy. Brent rose above $66 per barrel after falling nearly 4% last week, when it became clear that a...
Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week's rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at its September monetary policy meeting, a shift markets now treat as a near certainty following a string of weak US labor market data. The yellow metal has already climbed about 38% so far this year, underscoring its strong appeal as investors flock to safe-haven assets. At the time of writing, XAU/USD is trading around $3,635, pushing into uncharted...
Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase production from October but the amount was less than some analysts had anticipated. Reuters reported earlier this month that members were considering another hike. "The market had run ahead of itself in regard to this OPEC+ increase," said Ole Hansen, head of commodity strategy at Saxo Bank. "Today we're seeing a classic sell the rumour, buy the...
Oil steadied as investors weighed the prospect for softening demand after Saudi Arabia cut pricing for most of its grades. West Texas Intermediate traded above $62 a barrel after climbing 0.6% in the previous session. Brent closed near $66. State producer Saudi Aramco will trim the price for all its crude for buyers in Asia next month, following a decision by OPEC+ to continue adding idled barrels to the market in October. Aramco reduced the price for its flagship Arab Light crude to Asia more than expected, potentially sending a bearish signal, according to...
Gold held near its latest record reached on Monday, with its rally stoked by a surge in bets for a wave of Federal Reserve rate cuts this year. Bullion was little changed in early Asian trading, trading at around $10 short of its latest peak of $3,646.46 an ounce. It climbed 2.5% in the previous two sessions after unexpectedly weak US payrolls data on Friday prompted traders to price in three rate cuts this year, including a quarter-point cut at the Fed's meeting next week. Gold tends to benefit from lower borrowing cost as it doesn't pay interest. Whether gold...