Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14 cents, or 0.22%, to $63.38 a barrel. U.S. West Texas Intermediate futures settled down 17 cents, or 0.29%, to $59.43. Global oil prices fell for a third straight month in October on fears of oversupply as OPEC and its allies - known as OPEC+ - increase output while production from non-OPEC producers is also still growing. "The market keeps being haunted by the best-telegraphed supply glut in...
Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, both are still headed for a weekly decline of around 2%. The trigger is rising global supply. OPEC+ production rose slightly after several key members resumed supply, coupled with increased output from Brazil and the US. WTI has weakened by around 17% so far this year. Last month, the International Energy Agency (IEA) also predicted that next year's oversupply would reach a record, even greater...
Gold strengthened in the Asian session as signs of a fragile US economy emerged. US companies reported plans to cut more than 150,000 jobs last month—nearly triple the number in September—according to consultancy Challenger, Gray & Christmas. This data added to market concerns and boosted interest in safe-haven assets. Meanwhile, the US government shutdown entered its 37th day. Its impact is becoming increasingly noticeable: the Federal Aviation Administration (FAA) ordered a 10% reduction in traffic at 40 airports. This policy reinforced signals of slowing activity and dampened risk...
Silver is trading in a high range (the December COMEX contract is around $48–49/oz) as risk-off sentiment spreads and the US dollar weakened. The sharp rise in Challenger job losses in October boosted market confidence that the Fed could cut interest rates sooner, boosting interest in the precious metal. However, silver's rally has tended to be more subdued than gold's because silver is also highly dependent on the industrial cycle. From a fundamental perspective, the medium-term market balance remains tight: The Silver Institute expects a continued supply deficit into 2025, despite...
The US Dollar trims losses on Friday with investors wary of risk following another sell-off on Wall Street, as concerns of an AI bubble remain alive. The USD Index, which measures the value of the Dollar against a basket of peers, is trading at 99.85 in the early European session, up from weekly lows around 99.65. The Greenback drew some support from risk aversion as Asian markets followed Wall Street and posted significant losses, with tech stocks leading the drawdown. Fears of a dotcom-like crash, coupled with downbeat employment data from the US, have triggered a rush for safety that is...