Tag: “Commodity”

OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

Oil prices jumped over $5 on Friday to multi-month highs after Israel launched strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies.

Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support.

The European Commission is to propose lowering the Russian oil price cap and banning the use of Nord Stream infrastructure as part of a fresh round of sanctions against Moscow, the Financial Times reported on Tuesday.

Silver rallied Thursday to tap its highest price in more than 13 years, with the industrial metal finally making a significant move to catch up to gold’s gains, pulling the gold-silver ratio down to its lowest level since the Trump administration’s “liberation day” tariff announcement.

The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.

U.S. prices of steel and aluminium spiked on Monday while shares of foreign steelmakers slumped after U.S. President Donald Trump said he would double tariffs on imports of the two metals to 50%.

Eight oil-producing nations of the OPEC+ alliance could hike output by as much as 411,000 barrels per day in July, two OPEC+ delegates told CNBC, continuing a rapid unwinding of voluntary production cuts.

President Donald Trump on Sunday indicated there was progress with Iran on its nuclear program and hinted that an announcement could come in the “next two days.”

Platinum rose to the highest in two years and is on track for a weekly gain of over 10%, the biggest such advance in more than four years.

Oil prices fell further Thursday on renewed oversupply concerns, following a report suggesting that a group of top producers was considering raising output levels once more.

President Donald Trump said the US had presented Iran with a proposal over Tehran’s nuclear ambitions and that the country’s negotiators needed to move soon on the offer as talks intensify.

OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year and said it expected lower capital spending following a decline in oil prices.

U.S. crude oil futures fell more than 1% on Monday, after OPEC+ agreed to surge production for a second month.

Oil prices fell on Thursday, extending a steep decline the previous session due to signs that Saudi Arabia, the world’s largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world’s top oil consumer.

Gold prices hit a record high, touching the $3,400 mark on Monday, as a faltering dollar and worries about a global economic slowdown over rising U.S.-China trade tensions kept safe-haven bullion in demand.

India is set to impose a temporary tariff, known locally as safeguard duty, of 12% on steel imports, said a government source with direct knowledge of the matter, to try and curb a surge in cheap imports from China and elsewhere.

Global oil demand will grow much more slowly than expected this year and U.S. production increases will also taper off, due to U.S. President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency said.

OPEC cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for the first quarter and trade tariffs announced by the United States.

Oil prices slumped to four-year lows Wednesday after China announced additional tariff measures on U.S. goods, ramping up the trade war between the two largest economies in the world.