Oil prices rose as pressure on Russia's oil industry and the escalating conflict in the Middle East intensified. West Texas Intermediate (WTI) crude rose as much as 2% to $64 per barrel after Reuters reported that Russia's Transneft pipeline, which handles more than 80% of the country's oil, had restricted the company's ability to store crude. Ukraine attacked another Russian refinery overnight as Western nations considered new sanctions in an attempt to pressure President Vladimir Putin to the negotiating table. Ukrainian military forces have intensified drone attacks on Russian energy...
Oil prices rose more than a dollar a barrel on Tuesday (September 16th), as traders weighed the possibility of disruptions to Russian supplies from Ukrainian drone attacks on its ports and refineries, and awaited the Federal Reserve's decision on U.S. interest rates. Brent crude futures closed up $1.03, or 1.5%, at $68.47 a barrel. U.S. West Texas Intermediate crude rose $1.22, or 1.9%, to $64.52 a barrel. Transneft, Russia's oil pipeline monopoly, has warned producers it may have to cut production, opens new tab, following Ukrainian drone attacks on key export ports and refineries,...
Gold surged past $3,700 an ounce for the first time on Tuesday (September 16th) as rising bets on a Federal Reserve rate cut this week fueled a rally fueled by safe-haven demand, central bank buying, and a weaker dollar. Spot gold rose 0.2% to $3,687.67 an ounce after hitting a record high of $3,702.95 earlier in the session. U.S. gold futures for December delivery rose 0.1% to $3,724. "Global growth uncertainty and geopolitical risks continue to keep safe-haven demand high, but gold's rally is largely driven by anticipation of aggressive interest rate cuts from the Federal Reserve," said...
The USD/JPY pair remained under selling pressure around 146.45 during the early Asian session on Wednesday (September 17th). The US dollar (USD) weakened against the Japanese yen (JPY) as investors continued to assess the possibility of additional interest rate cuts by the Federal Reserve (The Fed) in the coming months. Investors appear to be unwinding long USD positions ahead of the Fed's interest rate decision on Wednesday. The market fully anticipates the Fed will cut interest rates by 25 basis points (bps) at its September meeting, the first cut since December, with some still expecting...
Oil steadied after a three-day gain as traders assess the fallout from Ukrainian attacks on Russian crude infrastructure. West Texas Intermediate rose toward $65 a barrel after gaining 3.4% in the previous three sessions, while Brent closed above $68. Ukraine attacked the Saratov refinery in its latest strike on Russian energy facilities, which have helped cut the OPEC+ member's production to its lowest post-pandemic level. The recent gains haven't been enough to push oil out of the $5 band it has been in for most of the past month, buffeted between geopolitical...