Commodities

Oil prices stabilized Monday, November 7, hovering around $100 a barrel, as support from a weaker dollar and a recovery in Chinese crude imports were offset by renewed demand concerns linked to China’s tough approach to containing the coronavirus. By 10:26 GMT, Brent crude futures rose 6 cents, or 0.06%, …

Oil prices fell more than 2% in early Asian trading on Monday after Chinese officials affirmed over the weekend their commitment to a tough approach to containing the Corona virus, dashing hopes of a recovery in oil demand in the world’s largest importer of crude. Brent crude futures fell $1.58, …

Oil climbed on Friday as the dollar eased and supply risks remained, though recession fears and China’s COVID outbreaks kept a check on prices.Brent crude futures were and were able to touch the high of $96.51 a barrel at 0740 GMT, and eventually closed at $94.14. The contract is headed …

The American Dollar faces difficulty finding ground, it is down by 1.39%, as the US Dollar Index reading reflects. Speculations that the US central bank could tighten in smaller increases mounted as the labour market gave signs of easing.The US 2s-10s yield curve inversion, the deepest since the 1980s, and …

The early Asia session witnessed some important news on the oil market which could influence and impact crude oil prices in the following sessions.The US Department of Energy said it sold 15 million barrels of oil from the Strategic Petroleum Reserve in what is mainly described as the last batch …

Gold price has become at the mercy of Federal Reserve’s tightening as the US Dollar extended its gains. The US ISM Services index remained at expansionary territory, but it’s decelerating. Gold price falls after the hawkish remarks by Fed’s Jerome Powell, who said that the “ultimate level of rates would …

Oil prices fell on Thursday after the Federal Reserve raised interest rates, which led to the rise of the dollar and increased fears of a global recession that will hurt demand for fuel; however, concerns about supplies limited the decline in prices. By 0750 GMT, Brent crude was down 85 …

The Gold Index, XAU/USD hit a daily high at $1669 before erasing its gains later as traders are digesting the remarks by Fed Chair Jerome Powell and the Fed’s rate policy statement.If XAU/USD clears the $1617.30 support, a re-test of $1600 is potential. Gold price erased Tuesday’s gains following the …

Crude oil prices moved up on Wednesday after the US Energy Information Administration reported an inventory draw of 3.1 million barrels for the week ending on Friday, October 28. At 436.8 million barrels, inventories were 3% below the five-year average for this time of the year according to the EIA. …

The Federal Reserve hiked its target interest rate by three quarters of a percentage point, as expected. Chair Jerome Powell said that the Fed could start to dial back rate hikes in future meetings, giving the economy a bit of a breather from punishing interest rate spikes that have slowed …