Tag: “Commodity”

Top oil exporter Saudi Arabia cut prices for all crude grades it sells to Asian customers for a second month in a row in August amid robust supply from countries outside OPEC and uncertainties over the demand outlook.

Oil futures edged higher early Monday, holding their ground after an initial dip following data that showed a fall in China crude demand in May.

 The world’s second largest cocoa producer Ghana is looking to delay delivery of up to 350,000 tons of beans to next season due to poor crops, five sources told Reuters in a further worsening of the outlook for the global chocolate industry.

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production.

Copper futures hit a record high on Wednesday as demand for the base metal stays strong amid a rush to build data centers and the continued electrification of the global economy.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the Islamic Republic does not plan to respond to Israel’s retaliatory strike launched Friday.

Gold prices tumbled on Monday as investors weighed up fading geopolitical tensions eased and investor appetite swung towards stocks and other perceived riskier assets.

Oil prices turned lower on Friday, following a brief spike on reports of explosions near the Iranian city of Isfahan.

In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by roughly 100,000 barrels per day (bpd) to 1.2 million bpd.

Oil futures pulled back modestly early Monday after Israel said it withdrew more soldiers from southern Gaza and news reports said both Israel and Hamas had sent delegations to Cairo for cease-fire talks.

Oil futures were slightly higher early Friday, on track for strong weekly gains after a rally that sent the global crude benchmark above $90 a barrel for the first time since October.

The benchmark U.S. oil futures contract traded above $85 a barrel for the first time since October on Tuesday, receiving a lift after a strike a day earlier by Israel on Iran’s embassy in Syria stoked fears of a widening conflict in the Middle East.

Oil prices were largely steady on Tuesday near four-month highs after breaking above range-bound trading last week, but the prospect of rising exports from Russia weighed amid Ukrainian attacks on refineries.

Oil futures rose early Monday, finding support as continued attacks by Ukraine on Russian energy facilities were estimated to have idled a significant chunk of Russia’s refining capacity.

Oil futures edged lower early Friday, but remained on track for weekly gains of more than 3% after finding support following a drop in U.S. crude inventories and a stronger demand forecast from the International Energy Agency.

Oil futures rose Thursday, finding support after the International Energy Agency lifted its forecast for oil-demand growth this year and cut its outlook for supply from countries outside the Organization of the Petroleum Exporting Countries.

A measure in the U.S. funding legislation unveiled by congressional leaders on Sunday would block China from buying oil from the Strategic Petroleum Reserve, or SPR.

Global oil benchmark Brent crude was little changed on Monday, hovering around $83 a barrel as festering demand concerns were offset by continuing conflict in the Middle East.

Oil futures edged higher early Wednesday, shaking off weakness seen after industry data showed a large buildup in U.S. crude inventories last week ahead of official government figures.

This Valentine’s Day, enjoy that chocolate: the sweet treat will get even more expensive thanks to soaring prices of its main ingredient.