OPEC maintained its forecast that global oil demand will exceed pre-coronavirus levels in 2022, but said that the Russian invasion of Ukraine and pandemic developments pose a significant risk. In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries stuck to its forecast that global oil …

Global oil demand growth will slow in 2023 as higher crude and fuel prices push up inflation and slow the global economy, delegates from OPEC and industry sources said. Fuel use has rebounded after falling due to the coronavirus pandemic in 2020 and is on track to surpass 2019 levels …

A majority of the economists polled by Reuters revealed on Tuesday, the Swiss National Bank (SNB) is unlikely to change its negative interest rate policy this Thursday even as the country’s inflation rate remains at a 14-year high. “Twenty-four of 26 economists expect the SNB to keep its policy rate …

Data from trade sources showed that Russia became India’s second-largest supplier of oil in May, pushing Saudi Arabia to third place, with Iraq remaining its largest supplier. The data indicated that Indian refineries received in May about 819,000 barrels per day of Russian oil, the highest level so far from …

Oil prices rose by about $1 in volatile trade on Tuesday, June 14, as the impact of global supply shortages outweighed fears that fuel demand would be hit by a recession and new restrictions imposed to contain the spread of Covid-19 in China. The price of US West Texas Intermediate …

Japan’s Nikkei fell on Tuesday for the third consecutive day amid concerns about growth linked to the tightening of US monetary policy and the imposition of strict restrictions to combat the spread of COVID-19 in China. The Nikkei closed down 1.32 percent at 26,629.86 points, after falling 2.19 percent earlier …

European shares rose about one percent on Tuesday, as investors bought shares that fell sharply after the intense selling in the previous session caused by fears of a large US interest rate hike and a possible economic recession. The pan-European Stoxx 600 index was up 0.9 percent by 0705 GMT, …

Germany’s inflation rate, measured by the annual change in the consumer price index, rose 7.9% in May 2022, bringing the inflation rate to an all-time high for the third consecutive month since German reunification. The main reason for higher inflation is still higher energy prices, but George Thiel, head of …

Gold prices rose on Tuesday from a four-week low, as a halt in the dollar’s rally and US Treasury yields provided some support, but gains were limited by increasing bets that the Federal Reserve will tighten monetary policy significantly. And the price of gold in spot transactions rose 0.3 percent …

Gold price is down $27 to $1843, a 1.5% drop. This slump comes after last week’s rise of more than $30 following the CPI report. Today, the market is waiting for the Fed announcement this week. If they decide to deliver higher than a 50 bps rate hike, which would …