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Tag: Commodities

Iran Could Retaliate if US Blocks Oil Exports

Iran’s foreign ministry reportedly said it would implement countermeasures against the U.S. if it tries to block its oil exports. “If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran,” Foreign Ministry Spokesman Bahram Qassemi was quoted as saying on Tuesday […]

Commodities Weekly: Copper hovers near one-year low on global growth uncertainty

The risk that the ongoing trade wars could escalate to such an extent that all $500 billion worth of Chinese exports to the US could be subject to some form of tariff is causing some concern among investors. At the recent G-20 summit in Buenos Aires, the consensus was that the trade spat is a […]

Oil Drops After Oversupply Concerns Take Over

Oil prices pulled back in volatile trading on Monday as both crude benchmarks fell after rallying more than $1 a barrel early in the session on escalating tensions between the U.S. and Iran. Brent crude oil LCOc1 fell 27 cents to trade at $72.80 a barrel by 12:43 p.m. EDT (1643 GMT) after earlier strengthening […]

Oil Could Hit $200 if War Breaks Out Between US and Iran

Military conflict between the United States and Iran would threaten to shut the world’s busiest seaway for oil exports and send crude prices to all-time highs, perhaps even to $200 a barrel, according to one analyst. President Donald Trump on Sunday night warned Iranian President Hassan Rouhani on Twitter that his country would “SUFFER CONSEQUENCES […]

Oil Higher After Trump Iran Threats

Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea. Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could […]

Gold slide resumes as jobless claims slide

Gold has resumed its losing ways in the Thursday session, after showing little change on Wednesday. In North American trade, the spot price for one ounce of gold is $1217.53, down 0.83% on the day. On the release front, manufacturing and employment data were better than expected. The Philly Fed Manufacturing Index climbed to 25.7, easily […]

Upbeat Powell sends gold to 16-month low

Gold has steadied in the Wednesday session after posting sharp losses on Tuesday. In North American trade, the spot price for one ounce of gold is $1226.78, down 0.08% on the day. On the release front, U.S housing numbers were softer than expected. Building Permits dropped to 1.27 million, shy of the estimate of 1.33 million. […]

Gold slips to 13-month low, Powell testimony next

Gold has posted sharp losses in the Tuesday session. In North American trade, the spot price for one ounce of gold is $1231.77, down 0.20% on the day. On the release front, Industrial Production rebounded in June with a gain of 0.6%, after a decline of 0.1% in May. Later in the day, the U.S […]

Commodities Weekly: Oil tumbles on supply/demand dynamics

Oil has been the biggest mover this week with the US-China trade war continuing to undermine the global demand outlook, despite an upbeat assessment of the US economy by Fed Chairman Powell. Gold is still struggling to maintain its safe haven status and other metals remain at the mercy of the rampant US dollar, while […]