Commodities News

Commodity Market: US Crude Oil retreats, OPEC+ members to resume production cut extension discussions

After gaining over 1.6% on Wednesday, futures on US West Texas Intermediate Crude Oil retreated on Thursday, as oil producers argued over the need to extend unprecedented production cuts that were put into place at the start of the coronavirus pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are expected […] Read more

Commodity Market: Gold heads for third week of losses as markets shrug off doubts over vaccine success rate

Spot Gold was on track to register its third consecutive week of decline, as market players weighed optimism over the timing of COVID-19 vaccines’ arrival against some concerns over the effectiveness of a leading vaccine candidate. AstraZeneca was faced with some tough questions regarding the success rate of its vaccine, which brought forth certain doubts […] Read more

Commodity Market: Gold on track for second week of losses, as vaccine optimism and stimulus uncertainty weigh

Spot Gold was on track to register its second straight week of losses, as reports of promising coronavirus vaccine results and uncertainty over Federal Reserve’s stimulus programmes weighed on demand for the precious metal. In a letter, US Treasury Secretary Steven Mnuchin told Fed Chair Jerome Powell that $455 billion, allocated to the Treasury under […] Read more

Commodity Market: US Crude Oil eases from one-week highs as accelerating pandemic overshadows vaccine euphoria

Futures on US West Texas Intermediate Crude Oil eased from yesterday’s one-week high on Thursday, as accelerating pandemic and tighter economic restrictions worldwide heightened concerns over weaker fuel demand, while overshadowing vaccine optimism. The latest data by the Center for Systems Science and Engineering at Johns Hopkins University showed total confirmed COVID-19 cases had already […] Read more

Commodity Market: Gold heads for largest weekly loss since late September, vaccine optimism and no stimulus progress in the US weigh

Spot Gold edged higher within a narrow trading range on Friday, supported by a surge in new COVID-19 infections across Europe and the United States. However, the yellow metal looked set to register its largest weekly loss since the business week ended on September 25th due to optimism over coronavirus vaccine progress. Spot Gold plummeted […] Read more

Commodity Market: US Crude Oil snaps three-day winning streak as IEA says quick demand recovery not likely

Futures on US West Texas Intermediate Crude Oil looked set to snap a three-day streak of gains on Thursday, after the International Energy Agency said a quick recovery in oil demand was not likely amid rising new COVID-19 cases across Europe and the United States. New social restrictions have already been imposed across Europe, while […] Read more

Commodity Market: Gold poised for best week since late July as US Dollar plummets to a fresh two-month low

After surging more than 2% on Thursday amid post-election volatility and weaker US Dollar, Gold was mostly steady on Friday and was set to register its best weekly performance since late July due to prospects of more central bank support, as a divided US Congress under a Biden administration dimmed outlook for immediate fiscal stimulus. […] Read more

Commodity Market: US Crude Oil retreats to a five-month low ahead of US Election Day, virus lockdown measures in Europe add to demand worries

Futures on US West Texas Intermediate Crude Oil extended losses from the prior trading days on Monday and hit lows not seen since late May, as markets prepare for high volatility during the US presidential election week. Concerns that the re-imposition of lockdown measures in Europe to slow down coronavirus spread could further weaken demand […] Read more

Commodity Market: Gold steadies after steepest loss in two weeks as virus spread, US election uncertainty support haven demand

After its steepest single-day slump since October 13th on Wednesday, Spot Gold was mostly steady during European trade on Thursday as recent US Dollar rally paused, while accelerating virus spread globally and uncertainty surrounding the US presidential election next week were factors supporting safe haven demand for the precious metal. Recent polls show that Democrat […] Read more

Commodity Market: US Crude Oil eases from a seven-week high as surprise US oil inventory increase stokes supply glut concerns

Futures on US West Texas Intermediate Crude Oil eased from yesterday’s seven-week peak ($41.90 per barrel) on Wednesday after an unexpected increase in US crude oil inventories last week stoked concerns over a supply glut. The American Petroleum Institute (API) reported on Tuesday that US crude oil stocks had risen by 0.584 million barrels during […] Read more