Commodities News

Commodity Market: US Crude Oil recovers from three-week lows, but raging pandemic clouds demand outlook

Futures on US West Texas Intermediate Crude Oil managed to recover from yesterday’s three-week lows on Friday, but a second wave of COVID-19 infections across the globe is already posing a threat to oil demand. Yesterday WTI Crude Futures plunged 2.4% in response to a record drop in US Gross Domestic Product in Q2. A […] Read more

Commodity Market: Gold eases from record highs, but poised for biggest monthly gain since February 2016

Gold eased from Tuesday’s all-time high during European trade on Thursday, as the US Dollar managed to recoup part of earlier losses, bouncing from more than two-year lows. Still, the precious metal was set to register its best monthly performance since February 2016, while being up 9.95% so far in July. The Federal Reserve kept […] Read more

Commodity Market: US Crude Oil rebounds as an unexpected drop in oil inventories brings temporary relief to markets

Futures on US West Texas Intermediate Crude Oil rebounded on Wednesday after a report showed US crude oil inventories surprisingly dropped last week, providing some relief to oil markets amid accelerating COVID-19 pandemic across the United States and other parts of the globe. A report by the American Petroleum Institute revealed on Tuesday that US […] Read more

Commodity Market: Gold pulls back from a record high as US Dollar’s retreat comes to a standstill, focus shifts to FOMC meeting

Having advanced to a fresh record high level of $1,981.36 per troy ounce earlier on Tuesday, Spot Gold pulled back as some market players took profits, while the US Dollar rebounded from lows not seen since June 2018. “A slight reversal in the dollar could have triggered nervous longs to bail out, but there’s been […] Read more

Commodity Market: US Crude Oil edges lower amid accelerating pandemic, worsening US-China diplomatic ties

Futures on US West Texas Intermediate Crude Oil retreated on Monday as market players trimmed positions in riskier assets amid accelerating coronavirus pandemic and deteriorating diplomatic relations between the United States and China after the closures of consulates in Houston and Chengdu. US Secretary of State Mike Pompeo once again aimed at China, as he […] Read more

Commodity Market: Gold eyes September 2011 all-time high amid accelerating pandemic, escalating US-China tensions

Gold continued its advance for a sixth straight trading day on Friday, while remaining in proximity to highs last seen in September 2011 amid economic uncertainty stemming from accelerating COVID-19 pandemic and escalating tensions between China and the United States. The latest data by the Center for Systems Science and Engineering at Johns Hopkins University […] Read more

Commodity Market: US Crude Oil advances a fourth day, but gains limited by demand worries, US-China tensions

Futures on US West Texas Intermediate Crude Oil advanced for a fourth straight trading day on Thursday, but gains seemed limited after US crude oil stocks unexpectedly rose, indicating an impact from the accelerating COVID-19 pandemic on US fuel consumption. More than 15 million people worldwide have already been infected by the novel coronavirus, while, […] Read more

Commodity Market: Gold rises to almost 9-year highs due to broadly weaker dollar, prospects of new stimulus

With the US Dollar struggling near 19-week lows, Gold advanced for a fourth straight trading day on Wednesday, touching highs last seen in September 2011. “Gold is deriving strength from a broadly weaker dollar despite the improving market mood,” FXTM analyst Lukman Otunuga said. “The fundamental themes weighing on global sentiment remain intact, with rising […] Read more

Commodity Market: US Crude Oil hits fresh 4 1/2-month highs on EU recovery fund deal, COVID-19 vaccine optimism

Futures on US West Texas Intermediate Crude Oil extended gains from the prior trading day and hit a fresh 4 1/2-month high on Tuesday, as positive news regarding COVID-19 vaccine trials and an EU deal on a EUR 750 billion recovery fund lifted prospects for fuel demand. AstraZeneca and Oxford University said yesterday their novel […] Read more

Commodity Market: Gold remains supported above $1,800 as virus spread adds to economic recovery concerns

Gold held firm above the $1,800 mark during Monday’s European trade, as the spread of the novel coronavirus and concerns over its impact over global economic recovery kept the precious metal supported. “There’s no doubt that we are in the medium-term uptrend for gold. It appears that there’s a segment of the investment community that […] Read more