Oil prices declined on Tuesday, after the reopening of the Suez Canal limited concerns about supply flows. In addition, the surge by the U.S. Dollar (USD) weighed on crude prices, ahead of the OPEC+ meetings, which will decide whether major producers will extend their output curbs during May or not. …
Read More »Gold Closes Near Three-Week Low
Gold futures declined on Tuesday for the second consecutive session, amid a strong rise by the U.S. Dollar (USD) and Treasury bond yields. The yellow metal most actives contracts closed at their lowest level in nearly three weeks, breaking the $1,700 support level. Gold futures for April delivery finished lower …
Read More »Gold Falling Below $1700 Retreating to its Lowest Levels in About 3 Weeks
Gold prices fell on Tuesday, March 30th, to their lowest level in more than two weeks, as they were pressured by the strength of the dollar and US Treasury bond yields with growing expectations for a rapid economic improvement in light of the progress of vaccination campaigns. Gold, which is …
Read More »Oil Falling With The Opening of The Suez Canal And Attention Turns to OPEC+ Cuts
Oil prices retreated on Tuesday, March 30th, while navigation in the Suez Canal resumed days after being halted by the stranding of a giant ship, and the focus shifted to an OPEC+ meeting this week, where an extension of supply restrictions is expected to be discussed amid new closures to …
Read More »Oil Closes Higher Ahead of OPEC+ Meetings
Oil prices rose on Monday, recovering from earlier losses, amid concerns about delays in oil shipments even after shipping restarted at the Suez Canal after the container ship that was blocking it was re-floated. In addition, it is expected that the upcoming meeting for the Organization of the Petroleum Exporting …
Read More »Gold Finished at Lowest Level in Three Weeks
Gold prices closed lower on Monday, opening the week with a negative performance, due to the rise of the U.S. Dollar (USD). The yellow metal has limited its monthly gains, after recent fluctuations. Gold futures for April delivery finished lower by $24, or 1.4%, at $1708.2 per ounce, its lowest …
Read More »Oil Decline as The Stuck Ship Ship Begins Moving in the Suez Canal
Oil fell by more than 2% on Monday, March 29th, after news from the Suez Canal that rescue crews managed to move the giant container ship that has been blocking the vital global trade corridor for nearly a week. Brent crude fell $1.38, equivalent to 2.1%, to $63.19 a barrel. …
Read More »Oil Narrows Most Weekly Losses as Supply Disruptions Balance Demand Concerns
Oil futures rose on Friday, as a stranded ship continues to block the Suez Canal, one of the world’s major trade routes, thus disrupting the flow of large crude supplies. However, crude prices finished the week in losses, amid concerns about the resurgence of the Coronavirus pandemic through a third …
Read More »Gold Rises but Settles with Weekly Losses
Gold prices rose on Friday, despite the stability shown by the U.S. Dollar (USD), amid increased demand from investors for safe havens. However, the yellow metal was unable to recover its weekly losses, most of which resulted from the rise of the USD and the high Treasury bond yields. Gold …
Read More »U.S. Oil Rigs Rise by Six in Week
The number of active rigs drilling for crude oil and natural gas in the United States increased by six this week to 417, data by Baker Hughes showed on Friday. The rig count is now lower by 311 rigs compared with the same time of last year. It is worth …
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