Oil prices held largely steady on Thursday as the market balanced tight supplies with demand concerns, after an increase in US crude and gasoline inventories pushed prices to multi-month lows in the previous session. By 0925 GMT, Brent crude futures rose 36 cents, or 0.37 percent, to $97.14 a barrel, …
Read More »Gold rises as US Treasury yields fall
Gold prices rose on Thursday, supported by lower US Treasury yields, as cautious investors awaited the US non-farm payrolls report due this week for more clues on the Federal Reserve’s stance on raising interest rates. By 0628 GMT, spot gold rose 0.3 percent to $1,769.74 an ounce. US futures also …
Read More »Reuters: OPEC+ agrees to raise September output by 100K bpd
Citing a source familiar with the matter, Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, have agreed to raise the oil output by 100,000 barrels per day in September. In a statement published following its meeting, OPEC said that …
Read More »OPEC+ meets amid oil production struggles
The OPEC+ meets today, Wednesday, amid market expectations of a steady or slight increase in oil production, as most of its members are already pumping near their maximum production capacities and cannot meet US calls for increased production to fight the rising prices. U.S. and Western sanctions against Russia have …
Read More »OPEC Secretary-General: The recovery in demand continues, but it may be at a slower pace
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, told Algerian television ahead of the OPEC+ meeting on Wednesday that the recovery in oil demand is continuing. Still, it may be at a slower pace than at the beginning of the year and last year. Al-Ghais …
Read More »Market Drivers – US Session – Tuesday, August 2
Risk-aversion came back benefitting the US dollar that is widely considered as a safe haven. US-Sino tensions arose on the arrival of US House Speaker Nancy Pelosi to Taiwan. Pelosi supports the local government against China’s will.Crude oil prices, on the other hand, recovered some ground and the barrel of …
Read More »Gold trades around $1770, eying $1,800 amid Taiwan’s row
At the time of writing, gold trades at $1767.5 per ounce. Gold has been back under pressure as US yields spike, but bulls are eying the $1800 level. There is room for further upside with the 68.2% Fibonacci meeting prior weekly structure around $1,800. Markets are cautious over US-China row …
Read More »Reuters: OPEC+ JTC lowers 2022 oil market surplus forecast to 800,000 bpd
Citing two OPEC+ delegates, Reuters reported on Tuesday that the OPEC+ Joint Technical Committee (JTC) lowered its oil market surplus forecast for 2022 by 200,000 barrels per day (bpd) to 800,000 bpd. According to sources, the JTC did not discuss the output policy ahead of the ministerial meeting of OPEC+ on …
Read More »Oil slips on global demand concerns, eyes turn to OPEC+ meeting
Oil prices fell on Tuesday as investors digested a bleak outlook for global fuel demand after data pointing to a global slowdown in the manufacturing sector. In contrast, OPEC+ oil producers meet this week to decide whether to increase supplies. Surveys on Monday revealed that factories across the United States, …
Read More »Gold stabilizes as US bond yields fall and dollar rises
Gold gave up early gains to trade flat on Tuesday as the US dollar rose, lower Treasury yields and growing recession fears kept the yellow metal near its four-week peak. And gold settled in spot transactions at about 1771.29 dollars an ounce by 0843 GMT, after hitting its highest level …
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