Oil prices rose on Monday as analysts focused on potential fuel supply disruptions from new U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept prices steady. Brent crude rose 43 cents, or 0.7%, to $64.06 a barrel, while U.S. West Texas Intermediate crude rose 38 cents, or 0.6%, to $60.13 a barrel. Oil futures led the rally, as U.S. gasoline futures closed more than 1% higher and diesel futures rose nearly 1%. A series of refinery problems in the U.S. and drone attacks on Russian refineries have helped lift fuel prices,...
Oil steadied as traders tracked softening market metrics and waited for reports that may give clues about an impending global surplus. West Texas Intermediate was near $60 a barrel after rising 0.6% on Monday, while Brent closed near $64. WTI's prompt spread — the difference between its two nearest contracts — has narrowed to 9 cents a barrel in backwardation. That's the lowest since February, and suggests less-tight conditions. OPEC — which has been boosting supplies — is due to release its monthly analysis on Wednesday, with the International Energy Agency issuing an...
Gold edges higher in the early Asian session amid signs of a possible end to the U.S. government shutdown. The Senate cleared a key hurdle late Sunday after Democrats provided just enough votes to advance a measure designed to end the impasse. The Senate's next big step will be to send the measure back to the Republican-led House. If the resolution to end the shutdown materializes, a slew of delayed U.S. data could soon be released, says Fawad Razaqzada, market analyst for Global Macro at FOREX.com, in an email. This could provide greater clarity for the outlook of another Fed rate cut,...
The US dollar strengthened slightly for the first time in a week. The trigger: the high probability that the US shutdown will end soon, so the market is hoping for economic data releases (such as NFP, CPI, etc.) to resume. The Bloomberg Dollar Spot Index rose 0.1%, while Treasury futures contracts were relatively flat as bond markets were closed for the US holiday. The yen was the weakest among the G10. The 1-month option price for the Bloomberg Dollar Spot Index rose to its highest level in almost a week, a sign the market is bracing for volatility when the data returns. The Senate has...
Silver prices (XAG/USD) have risen for three consecutive sessions and are hovering around $50.90/oz in Asia this morning. This "non-interest-bearing" metal is gaining traction as US economic uncertainty heightens expectations of a Fed interest rate cut. Fed Governor Stephen Miran's comments to CNBC that inflation is starting to ease—even opening up the option of a 50 bps cut in December (or at least 25 bps)—have further strengthened silver's bullish sentiment. Less than favorable data has also added fuel: October job losses (especially in the government and retail sectors) and consumer...