Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday that the world’s major oil producers and representatives of this sector will participate in the United Nations Climate Change Conference (COP28), scheduled to be held in the UAE next month. Al Ghais said that anyone …
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The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand in the medium and long term in an annual forecast, saying $14 trillion in investments are needed to meet that demand even as the use of renewable fuels increases and more electric cars appear on …
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The chances of a soft landing are getting better, but the Australian economy still seems to be in a holding pattern. It’s far from certain that the unemployment rate will stay below 4%, that wages will catch up to or surpass inflation, or even that the federal budget will continue …
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Prior to settling around $85.50, WTI reached the support level of $85.32. Investors are still assessing the Friday-released August US NFPs. OPEC expected that its voluntary production caps would remain in place. The WTI crude barrel traded neutrally in the $85.50-$86.00 band, close to multi-month highs, thanks to the falling …
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Gold price is struggling to capitalize on Monday’s recovery gains and trades in a narrow range at around $1,960.25 on Tuesday. The benchmark 10-year US Treasury bond yield holds steady near 3.7% and doesn’t allow XAU/USD to gather bullish momentum. Economists claim that gold price will be influenced by the …
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US economic data depressed the US dollar, erasing Friday’s gains. The positive job statistics from the previous week had helped the dollar gain ground, but on Monday, the data took a turn for the worse and the currency lost ground. The Nasdaq fell 0.09% while the Dow Jones fell 0.59%. …
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The GBP/USD pair hovers above the 1.2400 mark after the last week’s USD boost from stronger-than-expected jobs data. The US economic indicators reveal a mixed story, with weakening factory orders and a fall in Non-Manufacturing PMI. UK outpaces expectations with S&P Global Services and Composite PMIs, adding pressure on the …
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The AUD/USD pair has been stuck by the US dollar´s rebound as all eyes shift to the awaited US NFP data1. The AUD/USD is trading at 0.6720 stuck between 0.6676 and 0.6779 so far12. The US Dollar has been firmer on Wednesday, recovering from two-month lows as investors lightened their …
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The US Dollar Index has rebounded slightly after a two-day slide despite disappointing US data. The inflation component of the PMI survey, the Price Paid sub-index, edged lower to 69.5 from 65.6 in February. The Employment sub-index fell to 51.3 from 54. Economic activity in the US services sector expanded …
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US stocks were mostly down during the US trading session, with tech stocks sinking more markedly, after another hiring report showed a slowdown in private-sector job growth and a separate print showed growth at US service providers also experienced a pullback.The S&P 500 moved down 0.5%, while the Dow Jones …
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