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LONDON: OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts. In a monthly report, the Organization
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NEW YORK: Oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyberattack forced its shutdown. Potential U.S. demand growth boosted crude prices, offsetting fears that a resurgent coronavirus pandemic in India would cut demand in Asia. Colonial Pipeline,
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Copper soared this week to an all-time high, continuing a sizzling rally that’s seen prices double in the past year. The previous copper record was set in 2011, around the peak of the commodities supercycle sparked by China’s rise to economic heavyweight status — fueled by massive amounts of raw
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Gold jumped more than 1% en route to its best week since November last year after an unexpected drop in US jobs growth in April hastened a retreat in the dollar and Treasury yields. Spot gold rose 0.9% to $1,832.07 per ounce by 12:09 p.m. EDT (1609 GMT), after hitting
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Domestic gold futures swung between gains and losses with a positive bias on Friday as spot gold hit a more than two-month high above the $1,800 per ounce mark amid weakness in the dollar. With a weekly gain of almost 3 per cent so far, bullion was on track
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SINGAPORE: Oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the United States and Europe buoyed the fuel demand outlook while the surging pandemic in India capped prices. Brent crude futures for July were
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Gold prices inched lower on Thursday due to a stronger , while investors awaited the release of U.S. non-farm payrolls data for April due later this week. FUNDAMENTALS Spot gold was down 0.1% at $1,785.05 per ounce by 0126 GMT. U.S. gold futures was steady at $1,785.10 per ounce. The dollar index hovered
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Gold prices were flat on Wednesday, as concerns over possibility of higher U.S. interest rates countered a subdued dollar, while palladium held firm after scaling a record high in the previous session. FUNDAMENTALSSpot gold was unchanged at $1,778.53 per ounce by 0137 GMT, after falling over 1% in the previous
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MELBOURNE: Oil prices added to overnight gains on Tuesday, buoyed as more U.S. states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar. Brent crude futures rose 14 cents, or 0.2%, to $67.70 a barrel
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By Eddie Spence and Megan Durisin The prices of raw materials used to make almost everything are skyrocketing, and the upward trajectory looks set to continue as the world economy roars back to life. From steel and copper to corn and lumber, commodities started 2021 with a bang, surging to levels
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