Oil prices edged lower in Asian trade on Tuesday, extending losses from the previous session as weak U.S. and European economic data raised some questions about the demand outlook. But prices remained near three-month highs, boosted by bets that cold weather in the U.S. and Europe will help boost near-term demand. Hopes for more stimulus measures in top oil importer China also continued to factor into prices, with focus shifting to upcoming inflation data from the country this week. Brent crude for March delivery fell 0.3% to $76.08 a barrel, while West Texas Intermediate crude fell 0.4%...
Oil prices extended losses into a second straight session on Tuesday on a technical correction after last week's rally, while expectations of abundant supplies and a strong dollar also weighed. Brent crude futures were down 28 cents, or 0.37%, at $76.02 a barrel by 0148 GMT, while U.S. West Texas Intermediate (WTI) crude was down 33 cents, or 0.45%, at $73.23. Both benchmarks rose for five straight days last week and ended at their highest levels since October on Friday, partly on expectations of more fiscal stimulus to revitalize China's faltering economy.(AL) Source: Investing.Com
Gold (XAU/USD) prices moved higher during the Asian session on Tuesday and seemed to build on overnight gains from the $2,615-$2,614 area, despite lacking bullish conviction. Expectations that US President-elect Donald Trump's proposed tariffs and protectionist policies could reignite inflation seemed to benefit the commodity's status as a hedge against rising prices. Moreover, persistent geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East supported the safe haven precious metal. Meanwhile, prospects of a slower pace of interest rate cuts by...
EUR/USD continued its uptrend for the third straight session, trading around 1.0400 during Asian hours on Tuesday (7/1). The EUR/USD pair's uptrend was attributed to a weaker US Dollar (USD). Later in the day, the US ISM Services Purchasing Managers' Index (PMI) will be released. On Wednesday, the market will focus on the Minutes of the Federal Reserve's (Fed) December policy meeting. The US Dollar Index (DXY), which tracks the USD against a basket of six major currencies, remained under pressure for the third straight session, trading near 108.20 at the time of writing. However, the...
Oil prices fell on Tuesday (7/1), extending losses into a second straight session after rallying last week, although concerns about tighter Russian and Iranian supplies amid expanding Western sanctions kept the decline at bay. Brent crude futures edged down 8 cents, or 0.1%, to $76.22 a barrel by 0452 GMT, while U.S. West Texas Intermediate (WTI) crude fell 15 cents, or 0.19%, to $73.42. Both benchmarks fell on Monday, after rising for five straight days last week and ending at their highest since October on Friday amid expectations of further fiscal stimulus to revitalize China's...