Market Update

Saudi Aramco said on Wednesday that the kingdom, the world’s largest crude exporter, raised the official selling price of Arab Light crude to Asia in September to $3 a barrel above the average price of Oman and Dubai crudes. Aramco set the official selling price for its Arab Light crude …

The US dollar settled near its recent lows on Wednesday, August 4th as investors awaited US jobs data as an indicator of interest rate expectations, while the New Zealand dollar rose with the country’s unemployment rate falling and expectations that interest rates will start to rise within weeks. The spotlight …

China has been contemplating a policy mix comprising diversified monetary tools, fiscal support to the economy within an appropriate range, per Xinhua News Agency. “The proactive fiscal policy should generate a greater effect, while the prudent monetary policy should maintain reasonably ample liquidity and support the continued recovery of small …

US crude prices fell for the third day in a row on Wednesday, August 4, while there was little change in Brent crude futures contracts, with growing fears that the increasing spread of the delta strain of the Coronavirus in major consuming countries would reduce demand for fuel. US West …

Gold prices rose on Wednesday, August 4th, supported by the weak dollar, but the rise in precious metal prices remained in a narrow range, as investors awaited indications from the US jobs data regarding the recovery of the labor market. Spot gold rose 0.2% to $1,813.31 an ounce, while US …

US natural gas futures rose, recording their largest one-day gain in nearly two weeks, with expectations of hotter weather conditions continuing over the coming weeks, which tends to increase demand for air cooling. Gas contracts rose to the nearest maturity by 2.3% to settle at $ 4.027 per million British …

Crude oil inventories in the United States fell by 879,000 barrels last week, according to estimates by the American Petroleum Institute (API) released late Tuesday. Meanwhile, the stockpiles of gasoline and distillates declined by 5.8 million and 717,000 barrels, respectively. Official inventory data by the Energy Information Administration (EIA) is …

The New York Stock Exchange (NYSE) closed higher on Tuesday, recovering from yesterday’s losses after struggling for direction earlier in the session, due to pressures on the tech sector. However, Wall Street investors showed more focus towards earnings reports, with an improved sentiment driving the S&P index to a new …

Increasing concerns about the resurgence of the coronavirus pandemic with an increased number of new infections with the Delta variant led oil prices to a second consecutive daily loss on Tuesday. Pandemic-related concerns are leading to mixed expectations about demand recovery as the economic rebound from the coronavirus crisis remains …

Silver prices rose on Tuesday, for the second consecutive session, amid improved demand from investors. Silver front-month contracts added less than a cent, or 0.04%, to finish at $25.566 per ounce. Silver modest gains come despite another decline by gold futures, amid an increase by the U.S. Dollar (USD) and …