
Oil Drops After OPEC+ Supply Hike Amplifies Concerns Over Glut
Brent was 1% lower at $69.01 a barrel in early trade, while West Texas Intermediate fell below $67, after OPEC+ members endorsed an additional 547,000 barrels-a-day of output from September, completing the revival of a voluntarily-halted supply tranche a year ahead of an initial timetable. Another layer — of about 1.66 million barrel-a-day of curbed output — may follow, although there's no clear signaling yet.

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19 minutes ago
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Analysts Say $127.3 Trillion Liquidity Surge Could Be Rocket Fuel for Bitcoin
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Yahoo
an hour ago
- Yahoo
Gold rises for fourth session as US jobs data lifts Fed rate cut bets
By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold nudged higher for a fourth session on Tuesday, supported by a softer dollar and lower Treasury yields as weaker-than-expected U.S. jobs data strengthened expectations of a rate cut in September. Spot gold was up 0.1% at $3,375.89 per ounce as of 0239 GMT. U.S. gold futures also gained 0.1% to $3,430.40. The dollar index hovered near a one-week low, making gold more affordable to holders of other currencies. [USD/] The yield on the benchmark 10-year Treasury note dropped to a one-month low. [USD/] [US/] "Short-term momentum has improved for the bullish side of the narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September," OANDA senior market analyst Kelvin Wong said. U.S. employment growth was softer than expected in July, while non-farm payroll figures for May and June were revised down by a massive 258,000 jobs, suggesting a deterioration in labor market conditions. Traders now see a 92% chance of a September rate cut, per the CME FedWatch tool. San Francisco Fed Bank President Mary Daly said on Monday that given mounting evidence that the U.S. job market is softening and that there is no sign of persistent tariff-driven inflation, the time is nearing for rate cuts. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. On the trade front, President Donald Trump once again threatened on Monday to raise tariffs on Indian goods over its Russian oil purchases. New Delhi called his remarks "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Still, gold faces some technical resistance. "I still do not see traders pushing up aggressively above the $3,450 level. Unless we have a very clear catalyst for gold price to actually pick up this level" OANDA's Wong said. Elsewhere, spot silver rose 0.1% to $37.44 per ounce, platinum gained 0.1% to $1,330.31 and palladium was up 0.2% to $1,204.25. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


CNN
an hour ago
- CNN
Trump threatens to raise tariffs on India for buying Russian oil. Expert weighs in
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