OPEC+ members will consider whether to extend existing oil cuts for three to four months. It will also assess a gradual increase of output from January during their two days of talks that start on Monday. The Organization of the Petroleum Exporting Countries, Russia and others, (OPEC+), held an initial round of talks on Sunday. …
OPEC+ to Discuss Extending Oil Cuts/ Slowly Raising Output Read More »
Germany’s agriculture minister called for slaughterhouses and meatpackers on Friday to work on weekends and on public holidays. The objective was to deal with a backlog of animals that has built up on farms during the coronavirus crisis. In the country, industry approximates around 590,000 animals are waiting for slaughter, said agriculture minister Julia Kloeckner. …
German Minister Urges Meatpackers to Work Overtime Read More »
Oil dipped on Thursday in energy commodities, stalling a rally driven by a surprise fall in U.S. crude inventories. This added to bullishness over anticipations that developments on vaccines may end the pandemic and revive fuel demand. Brent futures spent the Asian trading day higher, then went down 1 cent at $48.60 a barrel. It …
Oil Rally Stalls despite U.S. Stocks Surprise Fall Read More »
Gold is trading lower on Tuesday, extending a sharp decline for the second day in a row. The market focuses this week on news of coronavirus vaccines and rumors that Janet Yellen will be the United States Secretary of the Treasury in the Biden administration. Furthermore, President Donald Trump appears to be taking steps to …
Oil hit its highest since March in energy commodities on Tuesday, rising towards $47 a barrel. A third promising coronavirus vaccine spurred hopes of a quicker recovery in economic growth and oil demand in 2021. AstraZeneca on Monday said its COVID-19 shot was 70% effective in trials. Moreover, it could be up to 90% effective, …
Spot gold climbed 0.26%, while silver gained 0.53% at the start of the week during the Asian session. Japan is off for Workers Day, and the sentiment is quite positive. However, the ASX is currently trading 0.34% higher and the Shanghai Composite is performing well, up by more than 1%. According to reports, US President-elect …
Gold and Silver Towards High into the EU Session Read More »
Gold rose on Friday morning in Asia’s precious metals, as the U.S. sent out contrary coronavirus relief signals. By 11:53 PM ET (3:53 AM GMT), gold futures edged up 0.08% to $1,863. Gold investors in Asia were uncertain as to what direction to take on Friday morning. The U.S. has made two conflicting moves overnight …
China is the global oil market’s lifeline this year. The country has stepped up purchases from exporters including Russia, the United States, and Angola in recent weeks. Furthermore, buyers from other countries pared down orders as COVID-19 infections surge and new lockdowns are put in place. As the pandemic hit consumption globally, China is the …
Global container shipping rates have surged to records. A spike in restocking demand in the US and Europe. Container scarcity at export hubs causes rates to soar. Moreover, the changes in freight flows, because of the coronavirus pandemic, shipping sources said. The Freightos Baltic Global Container Index (FBX) increased to $2,359 per forty-foot equivalent (FEU) …
Goldman Sachs analysts maintain their bullish outlook for gold through 2021. In a report released this Friday, the investment bank said it would keep its 2021 gold target price of $2,300 an ounce as the world economy balances on the positive news of potential vaccines for the Covid-19. Goldman Sachs economists expect to see a …
Oil prices climbed in energy commodities on Monday, recouping some losses from the previous session. Hopes that OPEC+ will hold current output curbs are offsetting concerns over weaker fuel demand due to the virus resurgence. In addition to the growing coronavirus infections is the higher production in Libya. Numbers showing a rebound in China and …
The West Texas Intermediate crude oil market rallied during Thursday’s trading session, bouncing higher from the 200-day exponential moving average. However, there is significant resistance, which suggests the possibility of some correction from here. To the upside, analysts see significant resistance at the $43.50 level as well as key support at the $36.25 level. Right …
When Obama took office as president of the United States in January 2009, gold was trading a little over $890. At the end of his first term, the Precious metal was up about 88.6% at $1,685. While his first four years benefited metal greatly, Obama’s second term proved more volatile. Gold went from $1,685 in …
Oil prices edged up over 1% in energy commodities on Wednesday. An industry report showed U.S. crude inventories have fallen more than expected. Hopes of an effective coronavirus vaccine continued to bolster sentiment. At 0445 GMT, Brent crude futures gained 48 cents, or 1.1%, to $44.09 a barrel. U.S. West Texas Intermediate (WTI) crude futures …
Global voluntary carbon credit markets would have to grow 15 fold by the year 2030. The aim is to enable companies and organizations to meet goals set under the Paris climate agreement. This is according to a private sector task force on Tuesday. Many global companies have pledged to reach net-zero emissions. specifically, these include …
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