Oil prices fell by nearly 3.5% on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq's Kurdistan region via Turkey raised the global supply outlook. Brent crude futures dropped $2.42, or 3.5%, to $67.71 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.42, or 3.7%, at $63.32. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, is likely to approve another increase to crude oil production at its...
Gold price advances close to 2% on Monday and trades near record highs of $3,833 as market participants seeking safety bought the yellow metal amid fears of a government shutdown in the United States. XAU/USD trades at $3,827 at the time of writing. Precious metal rallies to fresh record highs as Treasury yields plungeThe precious metal refreshed the all-time high of $3,791 hit on September 23, as the Greenback and US Treasury bond yields dive. Pessimism over an extension of government funding could trigger a federal shutdown and delay US economic reports like Friday's Nonfarm Payrolls...
EUR/USD registers gains of over 0.20% on Monday amid worries of a possible government shutdown in the US, while data in the Eurozone, showed that sentiment improved but failed to propel the shared currency higher. At the time of writing, the pair trades at 1.1726 after hitting a daily low of 1.1701. Shared currency gains modestly as political gridlock in Washington undermines sentimentThe Greenback is on the backfoot against most G10 FX currencies as US President Donald Trump met with the two leaders of the Democrats of the House of Representatives and the Senate. US Senate Democrat...
Oil pushed lower for a second session as the market weighed a looming glut and the possibility for an end to hostilities in Gaza, which could siphon some of the war premium out of prices. West Texas Intermediate slipped toward $63 a barrel after tumbling 3.5% on Monday, the biggest drop since late June. Brent closed near $68. The OPEC+ alliance meets on Sunday and is likely to agree to raise output in November, though at a modest rate similar to that for October. The US and Israel, meanwhile, agreed to a 20-point plan to end the war in Gaza, but the prospects for...
Gold edges lower in early Asian trade on a likely technical correction. Front-month Comex gold for October settled 1.2% higher at a fresh record high on Monday. However, gold's decline may be limited after overnight talks at the White House failed to make any breakthrough to avoid a government shutdown, which may support safe-haven demand for the precious metal. Political uncertainty in Washington adds to gold's appeal, XTB MENA's Hani Abuagla says in an email. Persistent inflows and steady central bank buying have reinforced the precious metal's recent rally, the senior market analyst...