Commodity Market: US Crude Oil retreats as API reports unexpected surge in US crude stocks, resurgent virus stokes demand concerns

September 23, 2020 9:01 am
Futures on US West Texas Intermediate Crude Oil resumed slide on Wednesday after an industry report revealed an unexpected surge in US crude stockpiles last week. Additionally, a second wave of COVID-19 infections across Europe and the probability of another round of lockdown restrictions in Britain have added to fuel demand concerns. “A resurgence in […] Read more

Commodity Market: Gold stuck in a tight range as USD steadies, markets expect Fed Chair Powell’s testimony before Congressional committees

September 21, 2020 8:24 am
Spot Gold was trading within a narrow range in Europe on Monday, as the US Dollar steadied after touching a 1 1/2-week low, while market players’ focus now sets on a plethora of speeches by Federal Reserve officials this week for further clues on the bank’s policy framework shift. Federal Reserve Chair Jerome Powell is […] Read more

Commodity Market: Gold rises to a fresh two-week high due to softer US Dollar, market focus sets on the FOMC meeting

September 15, 2020 9:12 am
Spot Gold extended gains from the previous trading day and touched a fresh two-week high on Tuesday, mostly because the US Dollar softened ahead of the Federal Reserve’s two-day policy meeting, starting later today, which may offer further clues over the bank’s new policy framework. A softer dollar makes safe haven Gold less expensive for […] Read more

Commodity Market: US Crude Oil retreats as concerns over rising supply and weaker demand offset reports of production shutdown

September 14, 2020 9:04 am
Futures on US West Texas Intermediate Crude Oil edged lower on Monday as concerns over rising global supply and weakening fuel demand overshadowed reports of oil drillers evacuating facilities and shutting down production in the Gulf of Mexico as another tropical storm was heading towards the area. News of oil production being shut down usually […] Read more