Commodities

WTI crude oil is trading around $79.317 after the historic drop in US crude stocks. The Energy Information Administration (EIA) reported that crude oil inventories fell by 17 million barrels, the steepest decline since records began in 1982. The American Petroleum Institute indicated that US crude oil stockpiles decreased by …

Gold has dropped for the second consecutive day as US bond yields rise, boosting the US Dollar. Fitch’s downgrade of US Government debt from AAA to AA+ has sparked risk aversion and impacted market sentiment, leading investors towards safety in the US Dollar and Japanese Yen. The ADP National Employment …

Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdogan on Wednesday that Moscow is ready to return to the deal to export grain across the Black Sea once the West fulfills its obligations regarding Russia’s grain exports. The Kremlin said in a statement that Putin, in a call …

Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …

Gold prices rose on Wednesday after the decline in the dollar and US Treasury bond yields following Fitch’s decision to downgrade the credit rating of the United States, which undermined confidence in the US economy ahead of the release of important data expected this week. The spot gold price rose …

For the past three months, China’s Purchasing Managers’ Index has been below 50, a sign that the second-largest economy in the world is getting more and more pessimistic. The sub-index for the important construction industry dropped significantly from a high of 65.6 in March to 51.2 in July. Beijing’s most …

Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen. The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the …

British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …

The World Gold Council said that global demand for the precious metal, excluding stock exchange trading, fell 2% on an annual basis to 920.7 tons in the second quarter of 2023, with slowing central bank purchases and continued weak consumption of the technology sector. However, he added in his quarterly …

Gold prices fell on Tuesday in light of the rise in the US dollar and as investors await the release of important economic data this week in search of clues about how long it can continue to raise interest rates to curb inflation. The spot gold price fell 0.1 percent …