The price of WTI oil fell as low as $70.65 in the afternoon and then slightly increased to $72.00. This week, WTI might revert to the opening bids because of intricate technical issues and a danger prompted by the Fed’s dovishness. Global oil demand is declining more swiftly than OPEC’s …
Read More »How could record gold prices impact China’s economy?
In recent weeks, gold prices have reached all-time highs. Due to its dual function as a store of wealth and a hedge against inflation, the price of gold has a special place in the financial markets.Although gold has broken several records since the COVID crisis began, the recent surge in …
Read More »Wall Street Expects Oil Price To Recover In 2024
According to Wall Street analysts, there is a chance that oil prices could possibly rebound in the upcoming year, though probably not much. Five major banks have projected that the global benchmark Brent will average roughly $85 per barrel in 2024, down from its current level of $77.Goldman Sachs Group …
Read More »Oil prices are heading to record first weekly gains in two months
Oil prices rose in early Asian trading on Friday and are on track to record their first weekly gains in two months, benefiting from the decline in the dollar and optimistic expectations from the International Energy Agency about oil demand next year. Brent crude futures rose nine cents to $76.70 …
Read More »Market Drivers – US Session, December 14
The US dollar has been softer despite the recent slew of US data, including Retail Sales and Jobless claims. The US Dollar Index dropped further on Thursday, extending the negative momentum that followed the FOMC statement. The dovish signals from the Fed have weighed on the US Dollar, which remains …
Read More »WTI crude oil rebounds closer to $72
WTI tried to regain some ground on Thursday, it was moving back above $72.50, before settling at $71.88 per barrel as at the time of writing, yet it is still up by some 2.61% Crude prices are still well below their previous peaks. Investors continue to have doubts that output …
Read More »Palladium Surges 12% as UK Sanctions Target Russia Metals
Palladium headed for its biggest gain since March 2020 as the UK government targeted Russian metals — but not palladium — with new sanctions.The metal that is mainly used in catalytic converters surged as much as 12% on Thursday after the UK published measures that ban British citizens and entities …
Read More »OPEC: “exaggerated” concerns about oil demand are the reason for the decline in prices
The International Energy Agency on Thursday raised its forecast for global oil demand growth next year, despite an expected economic slowdown, citing improving prospects for the United States and declining oil prices. Although the agency, which represents the industrialized countries, raised expectations, there remained a large gap between them and …
Read More »Market Drivers – US Session, December 13
After the Federal Reserve meeting, the US Dollar experienced a significant collapse. As expected, the central bank decided to keep interest rates unchanged. Market analysts are forecasting three rate cuts for 2024. Fed Chair Jerome Powell leaned dovish, adding fuel to the rally in Treasury bonds. He refrained from declaring …
Read More »Gold slightly higher as all eyes focus on looming FOMC decision
Gold prices are up a bit after hitting a three-week low overnight, while silver is slightly down after scoring a four-week low overnight. The marketplace is quieter just ahead of some important US economic data coming out today. February gold was last up $3.20 at $1,996.40. Gold is trading at …
Read More »