Market Update

A media statement quoted OPEC+ Secretary-General Muhammad Barkindo as saying that the OPEC+ group, which includes Russia and other producers, should “keep the path” regarding the group’s decisions, adding that it should also continue to follow market developments closely. OPEC + ministers are scheduled to meet on Thursday to decide …

Gold prices rose on Wednesday, supported by a weak dollar and a slight drop in US Treasury yields, while investors awaited more details from talks between Russia and Ukraine in Turkey. And gold rose in spot transactions 0.4 percent to $ 1926.60 an ounce by 1250 GMT. US gold futures …

The Kremlin said on Monday that Europe would be hit hard in the event of a Russian oil embargo, which would hurt the continent’s energy balance but not affect the United States. Some European Union foreign ministers are pressing for an oil embargo as part of an escalation of sanctions …

The German government’s council of economic advisers on Wednesday cut the country’s gross domestic product (GDP) forecast by more than half for this year, in the face of the economic uncertainty due to Russia’s invasion of Ukraine. “Germany should immediately pull out all the stops to arm itself against a …

Oil prices reversed their heavy losses, rising more than 2 percent on Wednesday as supply tightened and prospects of new Western sanctions against Russia increased, despite signs of progress in peace talks between Moscow and Kiev. Brent crude futures rose $2.48, or 2.3 percent, to $112.71 a barrel by 1003 …

Germany on Wednesday declared an “early warning” that it may be moving toward declaring a state of emergency over gas supplies, and said the measure was aimed at preparing for a possible disruption or interruption of natural gas flows from Russia. Economy Minister Robert Habeck said in a statement that …

Oil prices fell on Tuesday, extending the previous day’s losses after Russia described peace talks with Ukraine as constructive, and China’s new shutdown to curb the spread of the coronavirus hit fuel demand. Brent crude fell 2% to end the day at $110.23 a barrel, while US West Texas Intermediate …

World Bank President David Malpass said on Wednesday that oil-producing Gulf countries can play a vital role in calming oil and gas prices in the coming months. And many consuming countries urged the OPEC + group to increase production at a faster pace, with the rise in crude prices, which …

US wheat futures fell 4% and corn futures fell 4% on Tuesday, as comments from Russia and Ukraine, following talks in Turkey, revived hopes for a ceasefire in a conflict that has disrupted major grain exports from the Black Sea region. The Chicago Board of Trade May wheat futures fell …

The US dollar plunged mimicking other safe-haven assets amid renewed hopes for a diplomatic solution to the Russia-Ukraine crisis. Risk appetite surged following news headlines indicating a de-escalation of Russian attacks around Kyiv and Chernihiv, as announced by Russia’s mediator Vladimir Medinsky.Ukraine has suggested a new security guarantee system, with …