Commodity Market: US Crude Oil pares weekly gains as concerns mount COVID-19 resurgence could hamper demand recovery

July 3, 2020 9:36 am
Futures on US West Texas Intermediate Crude Oil retreated on Friday, paring gains achieved so far this week, as concerns re-emerged that the new wave of COVID-19 infections across the United States and elsewhere could hamper fuel demand recovery. The United States, the largest oil consumer globally, reported over 55,000 new COVID-19 infections on Thursday, […] Read more

Commodity Market: Gold eases from 93-month highs as strong macro data, vaccine hopes support risk-on mood

July 2, 2020 9:23 am
Gold prices eased from Wednesday’s nearly 93-month high and remained within a narrow daily range on Thursday, as recent upbeat US macro data coupled with hopes for a potential coronavirus vaccine prompted investors to cut their safe haven bets. Yesterday the Institute for Supply Management said US manufacturing activity had rebounded sharply in June, with […] Read more

Commodity Market: Gold steadies near 92 1/2-month highs on virus-related concerns, geopolitics, Fed Chair Powell’s testimony now in focus

June 30, 2020 9:36 am
Gold traded within a narrow range close to 92 1/2-month highs in Europe on Tuesday, as the speeding up spread of the coronavirus globally dented hopes of a swift economic recovery. Total confirmed cases of the COVID-19 illness have exceeded 10.3 million globally, while in the United States alone confirmed cases are now over 2.64 […] Read more

Commodity Market: US Crude Oil falls a second day as spiking COVID-19 cases raise concerns over fuel demand

June 29, 2020 9:27 am
Futures on US West Texas Intermediate Crude Oil retreated for a second consecutive trading day on Monday, as ongoing surge in new COVID-19 cases in the United States, India, Brazil and elsewhere heightened concerns that renewed partial lockdowns could restrict demand for fuel. The total number of confirmed coronavirus cases globally exceeded 10 million, while […] Read more

Commodity Market: US Crude Oil slumps to one-week lows as inventories increase, virus spread heightens fuel demand concerns

June 25, 2020 9:21 am
Futures on US West Texas Intermediate Crude Oil extended losses from the prior two trading days and hit a one-week low on Thursday, after government data revealed a larger-than-anticipated increase in oil stocks, while rising new coronavirus cases added to concerns fuel demand recovery might slow. WTI Crude plummeted more than 4.8% on Wednesday after […] Read more

Commodity Market: US Crude Oil recovers from earlier losses as US-China trade deal fears subside, oil demand seen improving at BofA

June 23, 2020 9:33 am
Futures on US West Texas Intermediate Crude Oil recovered from losses registered earlier on Tuesday in volatile trade, induced by confusion over the fate of the US-China trade agreement. Comments from White House trade adviser Peter Navarro that the trade deal is “over” initially triggered a selloff in equities, riskier currencies and oil. However, later […] Read more