Oil prices rose on Friday (November 7th), but remained on track for a second straight weekly loss after three days of declines on oversupply concerns and slowing US demand. Brent crude rose 60 cents, or 1%, to $63.98 per barrel at 09:04 GMT. US West Texas Intermediate crude rose 61 cents, or 1%, to $60.04. Both benchmarks are expected to post weekly declines of more than 1.5% as leading global producers increase output. "The market continues to price in the growing oil surplus against a mixed macro environment," said SEB analyst Ole Hvalbye. An unexpected increase in US inventories of 5.2...
Gold rose on Friday (November 7) as expectations of further interest rate cuts from the Federal Reserve and lingering concerns over the US economic outlook amid the prolonged government shutdown boosted demand. Spot gold rose 0.8% to $4,010.72 an ounce, as of 09:25 GMT. US gold futures for December delivery rose 0.7% to $4,019.50 an ounce. "The bullish current is still in play," said independent analyst Ross Norman. "The underlying themes associated with the strengthening gold price remain very relevant: central bank gold purchases and the prospect of interest rate cuts." The US economy...
The dollar fell due to disappointing US jobs data, with layoffs reaching more than 150,000 in October, the highest in over 20 years. Another factor: the market is now considering the possibility that the Federal Reserve (the Fed) could cut interest rates near the end of the year as US economic growth begins to slow. Furthermore, the partial US government shutdown has exacerbated uncertainty around official economic data, making investors less confident in the dollar as a safe-haven asset. The USD continues to experience pressure due to a combination of factors, including slowing US...
Expectations that the Federal Reserve (The Fed) will cut interest rates have increased the appeal of gold, as yields on fixed-income assets (such as bonds) have become lower. The US dollar has weakened, making dollar-priced gold cheaper for holders of other currencies, boosting demand. Global geopolitical and economic uncertainty (e.g., conflict, trade, inflation) has driven investors to safe-haven assets like gold. 1. Expectations of an Interest Rate Cut by the Federal Reserve (Fed) Economic data in the US has shown weakness (such as rising jobless claims, weakening manufacturing),...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude futures settled at $63.63 a barrel, up 25 cents or 0.39%. U.S. West Texas Intermediate crude finished at $59.75 a barrel, up 32 cents, or 0.54%. Both benchmarks are poised to register weekly declines of around 2% as leading global producers raise output. "We're sort of watching that Trump meeting with Orban to see if some deal comes out that eases sanctions on Lukoil and Rosneft," said John...