Commodities

A Reuters survey showed on Friday that OPEC did not commit in June to the oil production increase it pledged under an agreement with allies, as involuntary declines in Libya and Nigeria erased the impact of supply increases by Saudi Arabia and other major producers. The survey found that the …

Gold prices fell below the $1,800 level on Friday, July 1, and the precious metal is heading for its third consecutive weekly loss, as the tight monetary policies of major central banks and the rising US dollar reduced its attractiveness. And gold fell in spot transactions 0.5% to $ 1797.19 …

The US Dollar Index extended above 105.000 but sharply retreated together with the Japanese Yen regrouping as yields dropped. The dollar rally remains largely intact, given accelerating concerns about a global recession, although data on Thursday was not positive and did very little to ease concerns about the US economy’s …

Gold trades at $1820 per ounce, but the price is likely to retreat below $1,800.00 as a reaction to traders and markets’ bet on a 75 bps rate hike by the Fed in July’s FOMC meeting.The Gold Index is establishing below $1,810.00 after facing a steep fall while attempting a …

Switzerland is planning to set up more regulation and scrutiny for commodity traders to get more info as well as intelligence about this sector that is flourishing every single day.The move comes in line with the West tries to monitor Russia’s commercial ties and impose sanctions aiming to punish Moscow’s …

Following its meeting on Thursday, OPEC+ announced on Thursday that it will stick to its plan of increasing oil output by 648,000 barrels per day (bpd) in August, as reported by Reuters. The group refrained from discussing the output strategy from September. Meanwhile, Russian Deputy Prime Minister Alexander Novak said …

Oil prices retreated by about 2% on Wednesday amid rising US gasoline inventories and worries about slower economic growth around the world in addition to ongoing concerns about tight crude supplies. Brent futures fell $1.72, or 1.5%, to settle at $116.26 a barrel. The August contract will expire on Thursday …

Gold reversed from two-day highs and is back near weekly lows as the US dollar surges after comments by key central bankers in their speeches before the ECB Forum from Portugal.Gold prices dropped sharply during the US trading session, erasing daily gains. XAU/USD peaked at $1833, the highest level in …

Oil prices rose on Wednesday for the fourth consecutive session after fears of a lack of supply outweighed concerns about a global economic slowdown. Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September …

Oil prices fell on Wednesday after rising for three consecutive sessions, affected by concerns about the global economy, while restrictions on supply eased. Brent crude futures fell $0.98, or 0.8 percent, to $117 a barrel. US West Texas Intermediate crude futures fell $0.62, or 0.6 percent, to $111.14 a barrel. …