Oil prices rose on Friday (December 12), supported by concerns over Venezuelan supply disruptions, although they remained on track for a weekly decline as oversupply and a potential Russia-Ukraine peace deal remained in focus. Brent crude futures rose 33 cents, or 0.54%, to $61.61 a barrel at 0921 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.61%, to $57.95. Both benchmarks fell about 1.5% on Thursday. Several factors supporting prices remain, including escalating tensions between the U.S. and Venezuela and a Ukrainian drone attack on a Russian oil platform in the...
The US dollar was steady on Friday (December 12) but is still expected to suffer a third straight weekly decline, affected by the prospect of an interest rate cut next year, while the pound was also unchanged after data showed the UK economy unexpectedly shrank in the three months to October. The dollar index, which measures the US currency against six other currencies, remained flat at 98.34, expected to fall 0.64% weekly. The index is down more than 9% this year, heading for its steepest annual decline since 2017. Against the weaker dollar, the euro last traded at $1.1737 after rising...
Gold prices rose to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high. Spot gold rose 0.7% to $4,311.73 per ounce by 0945 GMT, its highest level since October 21, and set for a 2.7% weekly gain. U.S. gold futures gained 0.7% to $4,343.50. The dollar hovered near a two-month low, and was on track for a third straight weekly drop, making bullion more affordable for overseas buyers. Additionally, "the sharp rise in U.S. weekly jobless claims as well as...
Silver surged for a fourth straight day, as inflows into exchange-traded funds (ETFs), momentum-driven volatility, and tight physical markets pushed the metal toward its best year since 1979. The precious metal rose to an all-time high above $64 an ounce on Friday morning, with prices fluctuating wildly. Silver has risen about 10% this week, supported by dovish signals from the Federal Reserve, which delivered an expected interest rate cut and showed signs of weakness in the US labor market. Lower interest rates are a boost for non-yielding precious metals like silver. Most analysts say...
Brent crude oil prices weakened again in tonight's trading, hovering around $61 per barrel and approaching their lowest level since October. This decline puts Brent on track for a weekly loss of around 3-4%, extending the sluggish trend that has persisted for the past few weeks. Throughout 2025, Brent has fallen nearly 18% compared to last year, making it one of its worst annual performances since 2020. The main pressure comes from concerns about oversupply in the global market and weakening demand signals, particularly from economic data and US oil inventories. Several institutions,...