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Commodities news

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Commodities news

Oil is trading in red with weak retail growth in China

08:32 am 2019-02-11

 Standard oil delivery prices fell on Monday, as a low-level US delegation was preparing to meet with its Chinese counterparts in Beijing for preliminary discussions ahead of the next round of comprehensive bilateral negotiations. Traders showed concern about the outcome of the talks, but also because of the fall in retail sales growth in the nation's largest population last week, during the Lunar New Year holiday. Official data showed that its size remained strong at 8.5 percent to 1.01 trillion ($ 149 billion), but the rate fell…More

Gold and the dollar are stabilized at their strongest levels in 2019

12:18 pm 2019-02-08

Gold prices settled on Friday amid concerns about slowing world growth and fears that a long-running US-China trade war could worsen and affect investors' appetite for risk. US Treasury Secretary Stephen Manuchein and other US officials will head to Beijing next week to continue negotiations after US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day tariff truce in December. There is uncertainty about the outcome as both sides have…More

Oil prices diverge as global growth worries rise

11:12 am 2019-02-08

 Oil prices mixed on Friday amid growth fears after the European Commission sharply reduced its forecast for economic growth in the euro area this year and next. Trump, Venezuela's envoy, rejects dialogue with Maduro US special envoy Donald Trump of Venezuela, Elliott Abrams, on Thursday ruled out further diplomatic cooperation with disputed Latin American President Nicholas Maduro, saying it was time for such a "long time" dialogue. Speaking at the State Department press conference, Abrams urged other countries from now to communicate with the…More

Oil prices fall as US inventories rise

12:22 pm 2019-02-07

  Oil prices fell on Thursday after data showed rising inventories of crude oil and a rise in US oil production. The reduction of OPEC-led supply and the imposition of US sanctions on Venezuela's oil industry helped curb the decline. On the positive side, Venezuelan crude exports to the United States are expected to drop by 300,000 bpd to 700,000 bpd after US sanctions on the country's oil industry. Novak: Talks on alliance with OPEC will begin in April Russian Energy Minister Alexander Novak…More

Gold fell after the talk of Jerome Powell and the dollar rise

11:32 am 2019-02-07

 Gold prices fell near a one-week low on Thursday as the dollar rose with Treasury bonds after a positive assessment of the US economy from Federal Reserve Chairman Jerome Powell. "The world's largest economy is now in good shape, with unemployment and inflation falling by almost 2 percent," the head of the central bank at the City Hall in Washington, DC, told a group of teachers. On interest rates, former Federal Reserve Chairman Janet Yellen said the central bank may consider cutting interest rates, especially if…More

Gold fell ahead of Powell speech and after the Trump speech

11:49 am 2019-02-06

Gold prices were steady to a little lower on Wednesday as markets awaited the speech of Federal Reserve Chairman Jerome Powell looking for signs of the future monetary policy of the US Federal Reserve this year. After US President Donald Trump's State of the Union address failed to provide fresh evidence of progress in US-China trade talks. Before a new round of negotiations in Beijing next week, Trump said the new trade deal must include a real structural change to end unfair trade practices, reduce chronic trade deficits…More

Oil rises after reports of falling US inventories

09:46 am 2019-02-06

 Oil prices rose marginally from the lowest close in a week. After US Petroleum Institute data showed a lower-than-expected growth of US crude inventories, as markets awaited the Energy Information Administration report to survey the official volume of US production and stockpiles. The Petroleum Institute report shows surprising gains in US oil inventories On the other hand, a weekly report by the American Petroleum Institute (API) on Tuesday showed an astonishingly large increase of 2.51 million barrels in crude oil inventories, according to US…More

Gold diverged with the dollar stability ahead of Powell speech

01:42 pm 2019-02-05

 Gold prices tumbled Tuesday to hover near the week's low of the previous session as the dollar continued to rally against its peers, buoyed by investor appetite for risk. Markets still hope to reach a trade agreement between China and the United States before the March 1 deadline. The strong US jobs report last week showed no evidence of a slowing economy, giving the US central bank much flexibility to be patient as interest rates rise in the future. Asian markets diverge, European rises and European…More

Oil rises and some European countries stop buying Iranian oil

10:46 am 2019-02-05

  Oil prices rose as investors tried to read signals about the results of the OPEC plan to cut production against expectations of a rise in US stocks. Iran: Europe has stopped buying oil despite concessions Iran and Italy have stopped buying oil from Tehran despite granting them exemptions from Washington, Oil Minister Bijan Zanganeh said on Tuesday. The minister stressed that countries that have stopped buying Iranian oil also suspended contacts with Tehran. "Among the Europeans, with the exception of Turkey, no…More

Oil rises amid a series of reports on cut production

12:40 pm 2019-02-04

 Oil prices rose on Monday to extend gains from the previous session because OPEC supply cuts and US sanctions against Venezuela tightened supplies. Venezuela's production is said to have risen last month, but new US sanctions on the country could limit transactions with other countries. A Bloomberg survey showed production from the Organization of the Petroleum Exporting Countries (OPEC) fell by 930,000 barrels per day (bpd) last month to 31.02 million. The Baker Hughes Report On the other hand, data released…More

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