Data on Friday showed that German industrial goods orders increased more than expected on a monthly basis in October, raising hopes that the manufacturing sector in Europe’s largest economy started the fourth quarter of the year with a strong performance. Data published by the Federal Statistics Office show that orders …
Read More »Oil Closes Higher Despite OPEC+ Move
Oil prices rose on Thursday, despite media reports about an agreement within the OPEC+ alliance to raise production starting from January. OPEC+ is set to hold monthly meetings starting January to assess market conditions and decide on further production adjustments for the following month. Brent crude futures for February delivery …
Read More »Gold Rises on USD Woes
Gold prices rose on Thursday, supported by the decline of the US Dollar (USD) on mixed economic data. Gold futures for February delivery added around $11, or 0.6%, to close at $1,841.10 per ounce. The rise of the yellow metal comes following a recent strong correction wave and monthly losses …
Read More »OPEC+ to Reduce Output Cuts in January
The OPEC+ alliance have on Thursday reportedly agreed to a small rise in crude oil output starting next January by 500,000 barrels per day, Reuters reported. However, major producers are yet to agree on the broader output policy for the rest of 2021. Producers hope that economic recovery from the …
Read More »Natural Gas Stockpiles Decline Less than Expected
Data by the United States Energy Information Administration (EIA) showed on Thursday that natural gas inventories declined by 1 billion cubic feet for the week ended November 27. The decline is way below that expected by market experts. Natural gas inventories amounted to a total of 3.939 trillion cubic feet, …
Read More »Oil Rises as OPEC+ Resumes Talks to Extend Production Cuts
Oil prices rose Thursday, December 3, after a dispute erupted between two producers, including Saudi Arabia and Russia, over the need to extend the deadline for record production cuts that began during the first wave of the Covid-19 pandemic. Brent crude rose 21 cents, or 0.4%, to $48.46 a barrel …
Read More »Gold Rises as US Dollar Weakens, Investors Await a US Stimulus Deal
Gold rose Thursday, December 3, to its highest level in more than a week, as the dollar fell to its lowest level in several years due to hopes of soon distributing a vaccine for the Coronavirus, while investors continued to follow the developments of the stimulus agreement in the United …
Read More »Oil Settles Higher Awaiting OPEC Decision
Oil prices closed higher on Wednesday, amid anticipation for the OPEC+ alliance decision on production cuts. Brent crude futures for February delivery rose by 83 cents, or 1.8%, to finish at $48.25 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery gained 73 cents, or 1.6%, …
Read More »Gold Rises for Second Day in Row
Gold prices rose for the second consecutive session, supported by positive news about a new stimulus package in the United States. Gold futures for February delivery gained $11.30, or 0.6%, and closed at $1,830.20 per ounce. The back-to-back gains come after a strong correction wave for the yellow metal, and …
Read More »EIA: US Crude Inventories Declined And Fuel Surged Last Week
US inventories of crude oil decreased while gasoline and distillate inventories rose, the US Energy Information Administration said Wednesday. Crude stocks fell by 679,000 barrels over the week ending November 27 to 488 million barrels, while analysts in a Reuters poll expected a drop of 2.4 million barrels. Crude stocks …
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