Commodities

The US Congress, Monday, approved legislation to raise the debt ceiling by $2.5 trillion, in a move that is described as preemptive to any threat of a federal default until at least 2023. The federal government has never defaulted on debt payments.One Republican and all Democrats in the House voted …

Oil prices slumped on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions to combat its spread could dent fuel demand.Brent crude futures fell $2, or 2.7%, to settle at $71.52 a barrel, while US WTI crude futures …

The price of gold is down on the New York session by 0.35%. The price has fallen from a high of USD 1,804.17 to a low of USD 1,791.78 so far. Spot trades at USD 1,792 as it moves in toward what would be expected to be a strong area …

China’s central bank cut its main interest rate for the first time in 20 months, as authorities step up efforts to boost the economy that has been hit by pandemic-related curbs, a real estate slump and an unprecedented crackdown on private enterprises.The People’s Bank of China on Monday lowered its …

A report indicated that the compliance of “OPEC+” with the agreement to cut production in November amounted to 117%, which is a level higher than the 116% recorded in the previous October. These data indicate that the Group’s production levels are still below the agreed targets. The sources also told …

Gold prices stabilized on Monday, approaching three-week highs recorded last week, as fears of the rapid spread of the mutated Omicron from the Coronavirus boosted the appetite for buying the precious metal as a safe haven for value. And gold settled in spot transactions at $ 1798.60 an ounce by …

Higher Saudi prices for January delivery, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January.Refiners in …

Oil prices fell more than 2% on Monday, as rising omicron infections from the coronavirus in Europe and the United States fueled investor fears that new business restrictions to combat its spread could slash fuel demand. Brent crude futures fell $1.92, or 2.6 percent, to $71.60 a barrel by 0436 …

It has been a big week for a number of major central banks worldwide. Central banks continuing to raise interest rates in an effort to tame inflation, largely dismissing for now the threat to economic growth posed by the spread of the Omicron variant. On ‘Super Thursday’ for central banks, …

Gold futures climbed back above the $1,800 mark on Friday to post their highest settlement in nearly four weeks. The precious metal’s rise above the key $1,800 level appears to be driven by broad capital flows leaving risk markets and moving into defensive havens such as gold.Gold (XAU/USD) advances for …