Gold prices declined on Friday as the U.S. Dollar (USD) continued to show some rebound signs across the board. Gold futures for February delivery lost $26.30, or 1.4%, to close the week at the level of $1,825.10 per ounce. The most active yellow metal contracts have registered a weekly decline …
Read More »US Department of Energy: The US Plans to Sell 20 Million Barrels of Strategic Oil Reserves
The US Energy Department said Thursday it plans to sell up to about 20 million barrels of crude oil from the Strategic Petroleum Reserve, as dictated by two laws passed in 2015 and 2018. Both laws require the ministry to sell a little more than ten million barrels during the …
Read More »Gold Rises on Hopes of US Stimulus and Central Accommodative Policy
Gold rose as the appetite for the yellow metal as a hedge against inflation was strengthened thanks to a large US package to mitigate the repercussions of Covid-19, while prices also received support thanks to a stance that tends to facilitate monetary policy on the part of the Federal Reserve …
Read More »Oil Declining in Light of General Isolation Measures in China And US Unemployment Data
Oil prices plunged as fears about Chinese cities being subjected to general isolation measures due to the outbreak of the Coronavirus curbed a rally driven by strong import data from the world’s largest crude consumer and US plans for a stimulus package. Brent fell 46 cents, or 0.8%, to $ …
Read More »Oil Closes Higher and WTI Finishes at Highest Level in 11 Months
Oil prices returned to gains on Thursday, finishing higher on the back of the rollout of Coronavirus vaccines and positive sentiment towards the expected increase in government stimulus spending in the United States as planned by the new administration. Brent crude futures for March delivery gained 36 cents, or 0.6%, to …
Read More »Gold Closes Lower as Treasury Yields Rise
Gold prices declined on Thursday as the Treasury yields in the United States continued to rise and with the U.S. Dollar (USD) showing some rebound signs. The yellow metal futures for February delivery closed lower by $3.50, or 0.2%, at $1,851.40 per ounce. Meanwhile, silver futures for March delivery gained 23 …
Read More »OPEC Leaves 2021 Global Oil Demand Growth Forecast Unchanged at 5.9 Million bpd
The Organization of the Petroleum Exporting Countries (OPEC) left its forecast for global oil demand growth in 2021 unchanged at 5.9 million barrels per day in its latest monthly report, per Reuters. “US shale supply outlook is now slightly more optimistic with rising oil prices, the output is seen recovering …
Read More »Oil Prices Are Rising Thanks to Strong Chinese Data And Lower US Inventories
Oil prices rose Thursday, January 14th, after US crude stocks fell for the fifth week in a row and strong data from China showed a rise in imports, but the increase in global coronavirus infections curbed the gains. Brent crude futures gained 13 cents, or 0.2%, to $56.19 a barrel, …
Read More »Gold Falls With The Rise of US Dollar And US Treasury Yields
Gold prices fell Thursday, January 14th, as US Treasury yields and the dollar rebounded, while investors awaited details about the next US President Joe Biden’s proposal to stimulate the economy. In spot transactions, gold fell 0.1% to $ 1842.51 an ounce, while US gold futures fell 0.8% to $ 1839.80. …
Read More »Oil Finishes Lower Following EIA’s Weekly Report
Oil prices closed Wednesday lower after a mixed performance, ending a rising trend that lasted for six consecutive sessions. The decline in crude prices came amid the rebound of the U.S. Dollar (USD) and a less than expected draw in American crude inventories coupled with a rise in gasoline and …
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