Tag: “Commodity”

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.

Prices are languishing at around $73 a barrel–their lowest level in nine-months–due to weak demand and a lack of major geopolitical disruptions.

Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight.

Argentine farmers are likely to plant more soybeans in the current 2024/25 season, trimming the area dedicated to corn after that crop’s last harvest was hit by a devastating insect plague and with rain forecasts looking rosier for soy.

Oil prices rose nearly 3% on Monday on reports of a near total production stoppage in Libya, adding to earlier gains on concerns that escalating conflict in the Middle East could disrupt regional oil supplies.

The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption.

U.S. crude oil futures jumped more than 3% on Wednesday after Hamas political leader Ismail Haniyeh was assassinated in Tehran, renewing fears that Middle East is teetering on the brink of a regional war.

Gold rallied toward a record as expectations for Federal Reserve rate cuts grow and traders ramp up bets on a second Donald Trump presidency.

The price of cotton has tumbled as growing competition between the world’s biggest producers drives up supply while cost-conscious shoppers seek out clothes made out of cheaper fabrics.

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.