Oil prices fell on Friday (December 19th) and are expected to post a second straight weekly decline as potential oversupply and the prospect of a Russia-Ukraine peace deal outweigh concerns over disruptions caused by a Venezuelan oil tanker blockade. Brent crude futures fell 17 cents, or 0.28%, to $59.65 a barrel at 0915 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 31 cents, or 0.55%, to $55.84. On a weekly basis, Brent and WTI benchmarks fell 2.4% and 2.8%, respectively. Analysts widely project a global oil oversupply next year, driven by increased production from the...
Gold prices fell slightly on Friday (December 19), pressured by a stronger dollar and year-end investor positioning, but are poised to end the week higher as weaker US inflation data raised speculation of an interest rate cut. Spot gold prices fell 0.1% to $4,326.29 an ounce at 09:35 GMT, but are expected to post a weekly gain of 0.6%, having returned to near the record high reached in October. US gold futures fell 0.2% to $4,354.80. Spot silver prices rose 0.7% to $65.90 an ounce, expected to end the week up 6% after hitting an all-time high of $66.88 on Wednesday. Silver has risen 128%...
Oil prices are headed for a second weekly decline as concerns over a growing oversupply outweigh geopolitical risks to supply. Brent crude edged up to $60 a barrel on Friday but is still down about 2% for the week, while West Texas Intermediate is trading near $56 a barrel. Ukraine attacked an oil tanker linked to a shadowy Russian fleet in the Mediterranean Sea, a new escalation in a series of attacks on ships that help Moscow export oil. Despite these risks, nearly all of the world's largest traders see the market in oversupplied territory by early next year, with industrial giant...
Gold (XAU/USD) Gold (XAU/USD) regains ground on Friday, edging modestly higher after earlier weakness, even as a resilient US Dollar (USD) caps upside momentum. At the time of writing, XAU/USD trades around $4,345, recovering from a daily low near $4,309. The precious metal briefly surged toward record highs on Thursday after US inflation data undershot expectations. However, gains quickly faded as softer inflation lifted risk appetite across equity markets and pushed Gold back within the range established earlier this week. That said, the downside appears limited, as a dovish Federal...
Oil prices rose after US President Donald Trump tightened the blockade on Venezuela. The US has already seized one tanker and is now pursuing another just weeks after the first seizure. Brent crude rose to near $61 per barrel after two consecutive weeks of decline. Meanwhile, West Texas Intermediate (WTI) hovered around $57. On Saturday, the US Coast Guard boarded the Centuries tanker in the Caribbean. The vessel was carrying approximately 2 million barrels of Venezuelan crude. At the same time, the US is also pursuing the Bella 1 tanker, which was heading to the Latin American...