Commodities

Oil prices rose on Thursday as hopes for a strong recovery in fuel demand in China, the world’s largest oil consumer, offset losses from a stronger dollar and a large build in US crude inventories. And by 0725 GMT, Brent crude futures rose 59 cents, or 0.7 percent, to $ …

The dollar benefited from renewed concerns about the continued US Federal Reserve’s monetary tightening spurring risk aversion. As American inflation eased just modestly in January, hopes for a Fed’s pivot faded. The United States published Retail Sales on Wednesday, which surged by 3% MoM in January, much better than anticipated. …

Crude oil prices fell on Wednesday after the U.S. Energy Information Administration reported an inventory build of 16.3 million barrels for the week to February 10.This compared with a build of 2.4 million barrels for the previous week, extending a string of weekly builds, some of them quite sizeable, which …

Glencore has announced a £5.8bn ($7.1bn) payout to shareholders after posting “record profits” in its full-year 2022 results, powered by its coal and trading divisions. Revenue for the Swiss-based mining multinational came in at $255.9bn in 2022, a surge of 26% from the previous year. The miner will now hand …

Oil prices fell in early Asian trade on Wednesday, after falling more than $1 a barrel in the previous session, as industry data pointed to a much larger-than-expected build in US crude inventories. Brent crude futures fell 20 cents to $85.38 a barrel by 0111 GMT, while US West Texas …

Gold prices fell on Wednesday with the rise of the dollar after data showed that inflation rose in the United States last month at the slowest pace since late 2021, which increased investor concerns about the Federal Reserve (US Central Bank) continuing to tighten monetary policy. Spot gold prices fell …

The White House’s unsuccessful attempt to cancel the fiscal year 2023 sale of 26 million barrels of crude kept in US strategic petroleum stocks has provided an unexpected downside for oil price this week, with the ICE Brent-WTI spread widening further to $6.5 per barrel. On the other side, OPEC’s …

As the markets process the full inflation data that the United States of America has released, the price of gold fluctuates. For the month-over-month data, the US Consumer Price Index came in at 0.4% vs. 0.4% anticipated. The US CPI for January came in at +6.4% for the year, more …

The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report on Tuesday that global oil demand will rise this year by 2.32 million barrels per day, or 2.3 percent. And increased expectations by one hundred thousand barrels per day compared to the expectations of the organization last …

Gold prices rose on Tuesday as the dollar weakened as investors awaited US inflation data that could determine the next steps for the Federal Reserve’s monetary policy. Spot gold rose 0.5 percent to $1,861.93 an ounce by 0645 GMT, after falling to its lowest since early January in the previous …