Oil prices experienced a decline of more than one percent on Monday, driven by significant cuts in the official selling prices for Saudi crude and an upswing in OPEC production. Despite escalating geopolitical tensions in the Middle East, these factors weighed more heavily on market sentiment. As of 0344 GMT, …
Read More »WTI slides below $74 amid geopolitical tensions
The spillover from the Middle East crisis has disrupted crude oil markets, causing cargo ships to be diverted from the Red Sea for the foreseeable future. On Friday, there was a small increase in West Texas Intermediate (WTI) US Crude Oil, which hit 74.27, but a decline in American crude, …
Read More »Gold is heading for its first weekly decline in a month
Gold is poised to register its first weekly decline in a month on Friday, succumbing to the strengthening dollar fueled by diminishing expectations of an imminent interest rate cut in the United States. Investors are eagerly anticipating a pivotal employment report scheduled for later in the day, hoping for additional …
Read More »Oil rises after Fed
Oil prices rose on Friday after Federal Reserve meeting minutes indicated that inflation was under control as US Secretary of State Antony Blinken prepared for a tour of the Middle East to prevent escalation in the conflict between Israel and Gaza. By 0229 GMT, Brent crude futures rose 37 cents, …
Read More »Market Drivers – US Session, January 4, 2024
After a solid start to the new trading year, the dollar has declined. During Asian trading hours, investors are predicted to maintain their vigilance, paying particular attention to the Consumer Confidence index and the final Services PMI in Japan. Ahead of the US Nonfarm Payrolls for December, caution is anticipated …
Read More »NFP Preview, Potential Price Reaction
It is anticipated that the December NFP report will reveal a higher-than-anticipated number, with headline employment growth possibly falling between 170K and 225K. Economists and traders anticipate that the US added 168K net new jobs in the report, while average hourly wages increased by 0.3% m/m (3.9% y/y) and the …
Read More »Oil settles lower in choppy US session
Oil prices have dropped due to massive weekly gasoline and distillate stock builds, which overshadowed a larger-than-expected crude stock draw. Brent crude settled down 66 cents, or 0.8%, to $77.59 during the session, while US West Texas Intermediate crude futures settled down 51 cents, or 0.7%, to $72.19. Low fuel …
Read More »Oil prices rise as concerns about supplies continue
Oil prices experienced a rise in early trading on Thursday, January 4, extending substantial gains from the previous session amid concerns about Middle East supplies. This surge is attributed to the shutdown of production in a field in Libya and escalating tensions due to Israel’s conflict in the Gaza Strip. …
Read More »Gold prices rise before the release of US economic data
Gold prices experienced an increase in today’s trading on Thursday, January 4, rebounding from the significant decline witnessed on Wednesday, marking the sharpest drop in three weeks. This decline occurred after the release of the minutes from the last US Federal Reserve meetings in 2023, revealing uncertainty regarding the timing …
Read More »Market Drivers – US Session, January 3, 2024
The US dollar is still seen favourably at the start of the new trading year. Asian markets should closely monitor the Chinese schedule going forward, since Caixin Services and Composite PMIs are due on that calendar. While there is nothing planned in Oz for Thursday, the final Manufacturing PMI watched …
Read More »