Commodities

The number of active drilling rigs in the United States last week rose by 7, bringing the total to 586 as oil prices remain relatively strong despite the fresh wave of Covid-19 cases brought by the new variant of the coronavirus.Last week’s count compared with a rig count rise of …

WTI crude futures rose more than 1% to trade around $73.5 per barrel on Thursday, hovering near 4-week highs, amid an improvement in risk appetite as economic optimism grows. Despite the rise in Covid-19 cases and new restrictions, investors are betting that the economic recovery will not derail as studies …

Russian President Vladimir Putin said Thursday, December 23, that it was unfair to accuse Russia of being responsible for the rise in natural gas prices to record levels in Europe, given that the Russian company Gazprom fulfilled all its supply commitments. Putin told an annual press conference that Gazprom had …

Oil gave up gains recorded earlier in the session on Thursday, and retreated, affected by some countries in the world imposing new restrictions on travel to limit the increase in infections with the Omicron mutant, but losses remained limited due to positive developments related to the pandemic. By 0810 GMT, …

Gold prices rose on Thursday in limited trading at the end of the year, with the decline of the dollar, which is considered a safe haven, after encouraging results from a study on the mutant Omicron from the Corona virus and increasing optimism about the global economic outlook. And gold …

The White House has dimmed optimism over the Omicron batter after the US Food and Drug Administration approved a pair of pills from Pfizer and Merck to treat Covid-19. The White House has warned it will take more than six months to fulfil its initial order for Pfizer’s antiviral Covid-19 …

The US economy grew faster than expected in the third quarter of 2021 at 2.3%, up from an estimate of 2.1%.  The third-quarter growth in America’s total output in goods and services significantly slowed from the first two quarters where growth soared to 6.3% and 6.7% respectively. GDP growth is …

Gold has perked up on the day following an offer in the US dollar and a bid in global shares. US real yields are the focus pertaining to Federal Reserve expectations. The precious metal has benefitted due to the market being well priced for a hawkish Fed in what has …

US crude stocks fell more than expected in the most recent week due to year-end tax considerations, analysts said, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 4.7 million barrels in the week to Dec. 17 to 423.6 million barrels, compared with …

Brent crude futures edged higher to USD 74.2 per barrel on Wednesday, after rebounding more than 3% in the previous session, as shrinking inventories and an energy crunch in Europe more than offset worries about new restrictions to combat the Omicron spread that could dent fuel demand. Government data showed …