Oil benchmark Brent edged close to the $86 per barrel threshold on Monday, building upon gains from the previous week, as Ukraine intensified attacks on Russian energy infrastructure. Key Points: Brent Crude Performance: Brent crude oil futures for May delivery rose by 62 cents, or 0.7%, reaching $85.96 a barrel …
Read More »China’s industrial production rose more than expected in the first two months of 2024
China’s Economic Data Surpasses Expectations Amid Growth Momentum China’s economic performance in the first two months of 2024 has exceeded analysts’ expectations, buoyed by robust retail sales, fixed asset investments, and industrial production, according to data released by the National Bureau of Statistics on Monday, March 18th. Key Data Highlights: …
Read More »Oil Prices Advance Amid Supply Expectations and Geopolitical Tensions
Oil prices continued their upward trajectory in early Asian trade on Monday, building on gains from the previous week driven by expectations of tightened supplies and heightened geopolitical tensions. Brent Crude Futures Climb, Extending Last Week’s Gains Brent crude futures for May delivery edged up three cents to $85.37 a …
Read More »Gold Prices Retreat Amid Dollar Strength Ahead of Central Bank Meetings
Gold prices experienced a decline on Monday as the dollar strengthened, with investors eagerly anticipating the outcomes of forthcoming monetary policy meetings at major central banks, notably the US Federal Reserve. Investors Await Federal Reserve’s Monetary Policy Decision By 0259 GMT, spot gold prices retreated by 0.4 percent to $2,147.89 …
Read More »Weekly Recap: Surprising US Data Strengthens Case for Delaying Interest Rate Cuts
Last week, the market’s attention was squarely fixed on a slew of US economic indicators, aimed at deciphering clues regarding future interest rate trajectories and the Federal Reserve’s timeline for ending its monetary tightening stance and initiating quantitative easing. However, the latest US data, particularly the Consumer Price Index, US …
Read More »Gold encounters first weekly loss amid rate bets, geopolitical tensions
Gold prices experienced their first weekly decline in four weeks on Friday March 15. The Gold Index lost -0.21% to trade at $2157.14 per ounce, as at the time of writing.This shift comes after data revealed concerns on US inflation, causing investors to reconsider their expectations for a Federal Reserve …
Read More »Oil Prices Poised to Finish Week Approximately 4% Higher
In a week marked by market fluctuations, oil prices showcased remarkable resilience, driven by optimistic forecasts from the International Energy Agency (IEA) and unexpected shifts in U.S. inventory levels. IEA’s Optimistic Forecast Spurs Confidence The week began with a notable uptick in market sentiment following the IEA’s revision of its …
Read More »Market Drivers – US Session, March 14
The US dollar rallied this week, fueled by positive economic data. Inflation data and the recent labour market conditions in the United States pushed the USD Index to new multi-day highs above 103.445.The USD Index (DXY): Strong gains continue, breaking past 103.00 on robust inflation and labor data. Keep an …
Read More »IEA Raises Oil Demand Growth Forecast Amidst Disruptions
The International Energy Agency (IEA) has revised its outlook for oil demand growth, citing disruptions to Red Sea shipping as a key factor. The agency, representing industrialized nations, forecasts a growth of 1.3 million barrels per day (bpd) in 2024, up by 110,000 bpd from its previous month’s projection. Divergent …
Read More »Gold Prices Dip as Dollar Strengthens Ahead of Awaited Economic Data
Gold prices experienced a slight decline on Thursday as the dollar strengthened, although bullion remained near record highs. Traders were eagerly awaiting more US economic data, which could influence expectations regarding a potential mid-year interest rate cut. Price Movements By 0426 GMT, gold in spot transactions fell by 0.2 percent …
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