Commodities

WTI crude oil hit fresh weekly highs in the $107.00s on Friday and is eyeing last week’s highs above $109.00. tensions over Russia’s gas supplies to EU and the growing risk of an EU embargo on Russian oil imports has supported prices this week.China demand concerns as the country continues …

Gold Prices continue to trade higher on Friday amid month-end US dollar weakness, with prices still above $1900. But XAU/USD has pulled back from earlier highs with US yields rallying in wake of the latest US data dump. Traders’ focus now has switched to next week’s Fed policy meeting, with …

Oil prices rose for a fourth day on Friday as fears of Russian supply disruptions outweighed the impact of anti-Covid-19 lockdown restrictions in China, the world’s largest crude importer, casting a shadow on demand. By 0639 GMT, Brent crude futures rose 88 cents, or 0.8 percent, to $108.47 a barrel, …

The Dollar Index (DXY), a trade-weighted basket of major USD currency pairs, surpassed its 2017 highs to come within a whisker of hitting 104.00, its highest level since December 2002. This was primarily a result of a steep sell-off in the yen that launched USD/JPY to fresh multi-decade highs of …

WTI crude oil has rallied to its highest level since last Tuesday above $105.00 and is now eyeing a retest of recent near $110 highs. Traders cited a report alleging that the EU nations are nearing agreement on a Russian oil import embargo as supporting prices.At current levels in the …

The US economy contracted at an annualized rate of 1.4% during the first quarter, data showed on Thursday. According to analysts from TD Securities, GDP growth was impacted by large setbacks in net exports and inventories. They point out that the details of the report were actually much stronger than …

Germany has dropped its opposition to an embargo on Russian oil imports, government officials reportedly said according to the WSJ. According to the WSJ, this “clears the way” for a wider EU ban on oil imports from Russia, given that Berlin had been one of the main opponents on an …

The annualized pace of US real GDP growth in Q1 2022 came in at a negative 1.4%, according to data released by the US Bureau of Economic Analysis on Thursday. That was a big miss on expectations that the economy had grown at an annualized pace of 1.4% in Q1 …

WTI crude oil continues to trade near $100 as market participants weigh European energy security developments versus China demand/global growth fears.The latest US inventory figures gave WTI some short-lived upside with the US SPR falling to its lowest since 2002. After posting a solid recovery on Tuesday following Monday’s brief …

Gold prices failed to hold above $1900 on Wednesday and hit their lowest level since late February in the $1880s. An improvement in risk appetite, rebound in US yields and strength in the US dollar all weighed. Now that key $1890 support has been broken, gold bears are eyeing support …