A survey showed that business activities in the eurozone grew at the fastest pace in 15 years this month, as the easing of public isolation measures and the release of demand led to a boom in the services sector that dominates the bloc. The preliminary reading of the IHS Markit …
Read More »U.S. Oil Inventory Down 7.2 M Barrels – API
Crude oil inventories in the United States fell by 7.2 million barrels last week, according to estimates by the American Petroleum Institute (API). Meanwhile, the stockpiles of gasoline and distillates rose by 959,000 and 992,000 barrels, respectively. Crude stocks at the storage hub in Cushing, Oklahoma, decreased by about 2.6 …
Read More »Oil Retreats from Year Highs to Close Lower
Oil prices declined on Tuesday, after rising for two consecutive days, amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies might be raising production starting next August. Media reports pointed to discussions about more reductions into the current output cuts to raise production levels. …
Read More »Gold Logs Another Loss to Close Below $1,800
Gold prices declined on Tuesday for the sixth time in eight sessions, as the U.S. Dollar (USD) rose against major currencies. Gold futures for August delivery finished lower by $5.50, or 0.31%, at $1,776.30 per ounce. The yellow metal’s most active contract has extended its losses month-to-date to 6.63%. Gold …
Read More »Two Sources to Reuters: OPEC+ is Considering a Gradual Increase in Production From August
Two sources with Reuters knowledge of the OPEC + group talks today, Tuesday, said that the group is considering another gradual increase in oil production from August as oil prices rise thanks to the recovery in demand, but it has not yet made a decision on the exact size. The …
Read More »Oil Rises on Optimism About a Quick Recovery in Global Demand
Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained optimistic about a quick recovery in global oil demand and as concerns eased about an early return of Iranian crude. Brent crude futures for August delivery rose 29 …
Read More »Gold Rises Thanks to Weak Dollar Before Powell’s Testimony
Gold rose today as the bullish trend of the US dollar stalled, which increased the attractiveness of the yellow metal ahead of Federal Reserve Chairman Jerome Powell’s testimony before Congress. Spot gold rose 0.3% to $1,787.80 an ounce), after rising 1% in the previous session. And the yellow metal rose …
Read More »Oil Finishes at Highest Levels since October 2018
Oil prices surged on Monday, amid expectations that sanctions on Iran will continue following the recent presidential election. In addition, expectation for demand recovery in the second half of the year continue to provide support to crude prices. Brent crude futures for August delivery gained $1.39, or 1.89%, and closed …
Read More »Gold Rebounds after Two Consecutive Declines
Gold prices rose on Monday, recovering from its recent losses, following two daily losses and the worst weekly performance in about 15 months. A retreat by the U.S. Dollar (USD) provided support for the yellow metal. Gold futures for August delivery gained $13.90, or 0.79%, to close at $1,781.80 per …
Read More »Gold is About to Stop a 6-day Series of Losses as US Bond Yields Decline
Gold prices rose on Monday, after suffering losses over six sessions, as falling US Treasury yields boosted the attractiveness of the non-yielding metal. And gold rose in spot transactions 0.7%to $ 1776.10 an ounce, while US gold futures increased 0.4% to $ 1775.55 an ounce. The US Treasury yield fell …
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