Commodities News

Commodity Market: US Crude Oil retreats as API reports unexpected rise in oil stocks, stimulus expectations cap losses

After two straight trading days of gains, futures on US West Texas Intermediate Crude Oil eased on Thursday, as an industry report revealed an unexpected increase in US crude oil stocks, which once again brought forth concerns over demand. The American Petroleum Institute (API) reported on Wednesday that US crude oil inventories had risen by […] Read more

Commodity Market: Gold gains on US coronavirus aid prospects, Fed Chair’s dovish remarks

After a flat performance a day earlier, Spot Gold rose on Friday, as the prospect of a huge US coronavirus relief package increased the commodity’s appeal as a hedge against inflation. Additional support to prices came after rather dovish remarks from Federal Reserve’s Chairman Jerome Powell. US President-elect Joe Biden on Thursday announced a $1.9 […] Read more

Commodity Market: US Crude Oil eases from a 47-week peak in spite of larger US oil inventory drop, rising Chinese oil imports

Futures on US West Texas Intermediate Crude Oil eased from a fresh 47-week high on Thursday, despite that China’s customs data revealed a rise in crude oil imports and crude oil stocks in the US dropped more than anticipated last week, as surging new coronavirus infections worldwide and related oil demand concerns continued to weigh. […] Read more

Commodity Market: Gold extends losses as US Dollar rebounds with higher US bond yields

Spot Gold extended losses from the previous two trading days on Friday, pressured by a stronger US Dollar and rising US bond yields. The yield on US 10-year government bonds rose to levels not seen since March 2020, while maintaining ground above 1%. “In the short term, we just seem to lack a catalyst to […] Read more

Commodity Market: US Crude Oil hits a 10 1/2-month high as Saudi Arabia announces output cuts, US crude stockpiles drop

Futures on US West Texas Intermediate Crude Oil extended gains from the prior two trading days on Thursday, while hitting highs not seen since late February 2020, after the unilateral decision by Saudi Arabia to slash production during the upcoming two months. Additional support to prices came after a weekly report showed a drop in […] Read more

Commodity Market: US Crude Oil poised for 21% slump this year due to COVID-19 lockdowns, fiscal stimulus in focus

Following a two-day rally, futures on US West Texas Intermediate Crude Oil eased on Thursday and were set to register a 21% slump in 2020, as COVID-19-related lockdown restrictions delivered a blow to many segments of the global economy, while crippling fuel demand. Still, oil prices have rebounded from their decade-lows registered in April, as […] Read more

Commodity Market: US Crude Oil falls a third day on unexpected US oil inventory build, Trump threatens not to sign relief bill

Futures on US West Texas Intermediate Crude Oil retreated for a third straight trading day on Wednesday, as an industry report revealed a surprise crude oil inventory build in the United States, while President Donald Trump threatened not to sign an $892 billion COVID-19 relief bill. Trump demanded that Congress raise the amount in the […] Read more

Commodity Market: Gold eases from one-month highs, but still on track for third consecutive week of gains

Having touched a one-month high of $1,896.32 on Thursday, Spot Gold eased during European trade on Friday, but was still poised to register its third successive week of gains due to growing optimism over further stimulus measures in the United States. Congressional Republicans and Democrats scrambled to pass a new round of coronavirus relief yesterday, […] Read more

Commodity Market: US Crude Oil hits a 42-week high as US oil stockpiles drop, fiscal stimulus deal progress also supports

Futures on US West Texas Intermediate Crude Oil extended gains from the prior several trading days on Thursday, while hitting highs not seen since late February, after a government report revealed a drop in weekly US crude oil inventories. Media reports of progress being made on US fiscal stimulus deal provided some additional support. A […] Read more

Commodity Market: Gold trades in narrow range, US Dollar firms over fiscal stimulus package delay

Spot Gold traded within a narrow range in Europe on Friday and was set to register its fourth loss out of five weeks, as pressure on the US Dollar eased due to a possible delay in US fiscal stimulus deal. The US Senate is expected to vote on a stopgap measure on Friday to keep […] Read more