Oil prices slipped lower Friday on growing concerns over slowing U.S. demand, but were still on track for weekly gains as the Federal Reserve's rate cut could spur consumption. At 04:50 ET (08:50 GMT), Brent oil futures for November fell 0.5% to $67.11 a barrel, and West Texas Intermediate crude futures dropped 0.7% to $63.10 a barrel. Both benchmarks were on course for small gains this week as increased hostilities between Russia and Ukraine spurred bets on more supply disruptions. That said, President Trump has called for lower oil prices to pressure Moscow to end the war in Ukraine....
Gold prices edged higher on Friday, poised for a fifth consecutive weekly gain, following the U.S. Federal Reserve's first rate cut of the year, while investors awaited further signals on the U.S. policy outlook. Spot gold was up 0.2% at $3,650.89 per ounce as of 0817 GMT. Bullion is up 0.2% so far this week. U.S. gold futures for December delivery rose 0.1% to $3,683.40. "The Fed policy outlook remains the primary driving force for bullion bugs, even as the precious metals enjoys tremendous support from central bank purchases and safe haven demand; any dips below $3,600 are bound to be...
EUR/USD is heading lower for the third day in a row, trading at 1.1775 at the time of writing on Friday, down from the four-year highs above 1.1900 hit earlier this week. A larger-than-expected decline in weekly US Initial Jobless Claims and a sharp rebound in the Philadelphia Fed Manufacturing Survey provided additional support to the US Dollar on Wednesday. In Europe, the calendar has been light, but a new wave of anti-austerity protests is gathering strength in France, which is adding weight to the Euro (EUR). Hundreds of thousands of people gathered in France's main cities on Thursday...
Oil prices weakened for a third day, dragged down by expectations of a large global supply surplus next year. Brent traded near $67/barrel in London, with the market assessing that OPEC+ production recovery and rising output from competitors could build inventories, holding prices within a narrow range. Concerns about supply disruptions from Russia provided limited support. Ukraine's attack on energy infrastructure—including two refineries on Thursday—has pushed Russian processing capacity below 5 million bpd, the lowest since April 2022 (JPMorgan estimates). However, the narrative of a...
Gold prices (XAU/USD) edged higher on Friday, halting a two-day decline, trading around $3,663 in the US session. This move followed a wild midweek reaction to the Fed's interest rate decision. On Wednesday, the Fed cut interest rates by 25 basis points to 4.00%–4.25%—a move fully anticipated by the market. Gold briefly touched a record near $3,707, but quickly corrected after Jerome Powell's less dovish press conference, triggering a recovery in the US dollar and Treasury yields. Powell emphasized that there was no need to act quickly, calling the cut a "risk-management cut" to mitigate...