Commodities

US, IEA Agree to Release 60 Million Barrels From Oil Stockpiles Amid Ukraine’s CrisisThe US and other major oil-consuming nations said Tuesday they willl release 60 million barrels of oil from their emergency stockpiles, sending a jolt of new crude supplies into the market amid a price surge caused by …

A statement by the Saudi Cabinet on Tuesday renewed the kingdom’s support for the OPEC + agreement, which provides for an increase in the supply of crude exporters from the Organization and allied producers by 400,000 barrels per day each month. And the official Saudi Press Agency quoted a statement …

Palladium jumped on Tuesday on concerns that Western sanctions against Russia over its invasion of Ukraine could damage supplies, as the conflict also sent safe-haven gold prices higher. By 1043 GMT, palladium rose 3.6 percent to $2,577.38. It had reached its highest level since July 2021 at $2,711.18 last week. …

Oil prices rose on Tuesday as concerns about potential supply disruptions after the Russian invasion of Ukraine and associated sanctions overshadowed talk of a coordinated global drawdown of crude stocks to calm markets. Brent crude futures rose $3.04, or 3.1 percent, to $101.01. The benchmark touched a seven-year high of …

The USD has capitalized on safe-haven flows at the beginning of the week amid escalating geopolitical tensions and sanctions. Over the weekend, Washington and EU allies along with other Western nations decided to exclude some Russian financial institutions from the global payment system, SWIFT.Economic DataThe US economic calendar featured the …

Gold prices are back above USD 1900, gold trades at around USD 1910, but a return back to all-time highs requires greater escalation between Russia and the West.This remains the case that more upside is possible as the Russia-Ukraine crisis unfolds, but its likely that the 2022 high has been …

The Reserve Bank of Australia will have its monthly board meeting on Tuesday under thick uncertainty clouds on the backdrop of the escalating assaults and geopolitical tensions in eastern Europe.Economists expect Russia’s invasion of the Ukraine will have minimal impact on the Australian economy. There are expectations that while higher …

Although oil prices retreated from earlier highs as markets await the outcome of Ukraine-Russia talks and traders hope that a ceasefire could materialize, front-month WTI futures remain well underpinned in the $95.00 territories. At current levels in the $96.00s, WTI is trading with on-the-day gains of over 4.0% or more …

Asian markets closed today’s trading up across the board, with the exception of Hong Kong’s Hang Seng, which edged down 0.24% while Japan’s Nikkei rose 0.19%, China’s Shanghai Composite gained 0.32%, India’s Sensex advanced 0.70%, and South Korea’s KOSPI finished trading up 0.84%. Taiwan’s equity markets are closed today to …

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and cut off certain Russian banks from the global SWIFT system for interbank payments, potentially causing severe disruption to its oil exports. Brent crude rose $4.16, or 4.3 percent, to $102.09 at 0915 GMT, after hitting a …