Oil prices plunged more than 1% on Thursday (October 16) after U.S. President Donald Trump said he and Russian President Vladimir Putin agreed to meet soon in Hungary to discuss ending the war in Ukraine, which has raised uncertainty over global energy supplies. Brent crude futures closed 85 cents, or 1.37%, lower at $61.06 per barrel. U.S. West Texas Intermediate crude futures closed 81 cents, or 1.39%, lower at $57.46. This was the lowest close for both benchmarks since May 5. Trump said he and Putin agreed on Thursday to meet soon in Budapest to discuss ending the war in Ukraine, one...
Oil headed for a third weekly decline as investors focused on supply and the fallout of renewed US-China trade tensions. West Texas Intermediate traded above $57 a barrel and is on track for a 2.4% weekly drop, while Brent settled near $61. US President Donald Trump said he would hold a second meeting with Russian President Vladimir Putin "within two weeks or so" aimed at ending the war in Ukraine, raising the prospect that an increase of barrels from the OPEC+ member will exacerbate a global gut. Oil is set to notch its longest weekly losing streak since March, as investors...
Gold climbs in the early Asian session amid safe-haven demand spurred by new credit-fraud fears. Regional banks in the U.S. came under renewed scrutiny Thursday after Zions Bancorp said it would take a large loss and revealed accusations of fraud against a set of borrowers who had ties to a number of other lenders in the industry. Safe-haven demand also comes amid intensifying trade frictions and expectations of further Fed monetary easing, says Bas Kooijman, CEO and asset manager at DHF Capital, in an email. Spot gold rises 0.9% to $4,366.29/oz after earlier touching a fresh record...
The US dollar and Treasury yields fell after Zions Bancorp and Western Alliance admitted to fraudulent lending to funds investing in troubled commercial mortgages. The Bloomberg Dollar Spot Index weakened 0.1% (the fourth straight day) and is heading for its worst week since July. The bond rally pushed the 2-year yield to its lowest level since September 2022, and the 5-year yield to its lowest since October 2024. "The USD moved lower as yields fell and regional bank concerns increased," said Mahjabeen Zaman (ANZ). USD/JPY briefly fell 0.3% to 149.93, breaking below 150 for the first time...
Silver hovered all-time highs above $54 per ounce on Friday and was poised to gain about 8% for the week, supported by tightening global supply and strong safe-haven demand. Markets were rattled after two US regional banks disclosed loan problems involving alleged fraud, heightening fears of broader credit market stress. Escalating US-China trade tensions, the prolonged US government shutdown, and growing expectations of further Federal Reserve rate cuts also bolstered appetite for precious metals. Geopolitical risks and concerns over surging government spending and debt further fueled...