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Yahoo
7 days ago
- Business
- Yahoo
Oil rises on Iran, Russia and Canada supply concerns
By Anjana Anil (Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session. Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Yahoo
7 days ago
- Business
- Yahoo
Oil rises on Iran, Russia and Canada supply concerns
By Anjana Anil (Reuters) - Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session. Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-05-2025
- Business
- Yahoo
Gold pares losses on rate cut hopes after weaker US economic data
By Anjana Anil (Reuters) - Gold prices pared some losses on Wednesday as bets that the U.S. Federal Reserve will cut rates rose after weaker-than-expected first quarter U.S. growth. Spot gold was down 0.2% at $3,308.32 an ounce at 1:58 a.m. ET (1758 GMT), but was on track to log its fourth consecutive monthly gain, up almost 6% so far in April. Bullion had fallen over 1% earlier in the session. U.S. gold futures settled 0.4% lower at $3,319.10. Data showed U.S. gross domestic product contracted at a 0.3% annualized rate last quarter, as businesses rushed to import goods ahead of expected tariffs from the Trump administration. "Gold remains confidently in a bull market and today's data suggests an easier path to initial Fed rate cuts which should be positive for gold," said Tai Wong, an independent metals trader, adding that gold may trade sideways for a bit given the recent sharp rally to $3,500. Clearer signs by June of a faltering economy will move the Fed to resume cutting interest rates, ultimately by a full percentage point by the end of the year, traders bet on Wednesday. Non-yielding bullion, a safeguard against political and financial turmoil, also thrives in a low interest rate environment. It last soared to a record high of $3,500.05 per ounce on April 22. Meanwhile, the U.S. personal consumption expenditures (PCE) price index was unchanged in March after advancing 0.4% in February. Quarterly PCE excluding the volatile food and energy components surged at a 3.5% rate, an acceleration from the October-December's 2.6% pace. "Gold has shrugged off, so far, the lowest read in core PCE since the pandemic due in large part to its sharp rally earlier on the surprise contraction in U.S. GDP," said Wong. Traders now await the biggest jobs data this week, the monthly U.S. employment report on Friday, which could shed more light on the Fed's interest rate outlook. Elsewhere, China's markets will be closed from May 1-5 for Labour Day holiday. Spot silver dipped 1% to $32.64 an ounce, platinum fell 1.2% to $965.30 and palladium rose 0.3% to $937.75. Sign in to access your portfolio
Mint
25-04-2025
- Business
- Mint
ASIA RICE-Currency moves buoy Indian, Thai prices but demand still lags
(Repeats story published on Thursday, with no change to text) India rates recover slightly from 22-month low In Vietnam, demand from buyers hasn't picked up, trader says Bangladesh begins purchasing 1.7 million tons of rice from local farmers April 25 (Reuters) - Prices of rice shipped from India and Thailand edged higher this week, aided by currency fluctuations, although gains were capped by subdued demand, while Vietnamese rates were little changed. Indian rice prices recovered from a 22-month-low, with the 5% broken parboiled variety being quoted at $389-$396 per metric ton, up from the last week's $388-$394. Prices were helped as the Indian rupee rose slightly versus the U.S. dollar. Indian 5% broken white rice was priced at $382-$388 per metric ton this week. Buyers from Africa "are on the sidelines. They are trying to clear high cost imports made a few months back," said a Kolkata based exporter. India's state reserves of rice, including unmilled paddy, totalled a record 63.09 million tons as of April 1, far exceeding the government's target of 13.6 million tons. Meanwhile, Thailand's 5% broken rice rose to $410 per ton up from $405 quoted last week due to exchange rates. Price rose due to currency rates, said a Bangkok-based trader. However, "demand has been very very quiet. It's worrying," the trader said, adding that supply this year has been very good, but the problem was with orders. Vietnam's 5% broken rice was offered at $395 per metric ton on Thursday, little changed from $396 a week ago, according to Vietnam Food Association. "Demand from buyers hasn't picked up," a trader based in Ho Chi Minh City said, adding that domestic supplies are low. Traders said the government will buy 220,000 tons of rice by the end of June for national reserve. Elsewhere, Bangladesh has begun purchasing 1.7 million tons of rice from local farmers during the current harvesting season to boost its reserves, according to officials from the Food Ministry. Bangladesh, the world's third largest rice producer, is grappling with rising domestic rice prices, which are putting growing pressure on consumers. (Reporting by Anjana Anil in Bengaluru, Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Khanh Vu in Hanoi and Ruma Paul in Dhaka; Editing by Sahal Muhammed) First Published: 25 Apr 2025, 07:02 AM IST
Yahoo
11-04-2025
- Business
- Yahoo
US-China tariff war steers gold through $3,200 per ounce
By Rahul Paswan and Anjana Anil (Reuters) - Gold prices vaulted over the $3,200-per-ounce mark for the first time on Friday, as intensifying U.S.-China trade tensions rattled global markets and drove investors into the metal seen as a refuge from uncertainty. Spot gold hit a record of $3,245.28 per ounce on Friday, having broken multiple records already so far this year. Bullion has gained around 23% since January due to geopolitical uncertainties, central bank demand and increased flows into gold-backed exchange-traded funds. "It took 14 years for gold to rise from $1,000/oz to $2,000/oz, but just over a year to surge from $2,000/oz to $3,000/oz," said Nitesh Shah, commodities strategist at WisdomTree. "A further $800/oz increase to surpass $4,000/oz no longer seems far-fetched." U.S. president Donald Trump's 90-day respite on reciprocal tariffs did not include China. Instead, he ratcheted up duties on Chinese imports to an effective 145% rate, prompting Beijing to lift its tariffs on U.S. goods to 125%. Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, the largest amount since the first quarter of 2022, when markets were grappling with the consequences of Russia's invasion of Ukraine. [GOL/ETF] "A combination of heightened global economic tensions, the risk of stagflation – a combination of lower employment, growth and rising inflation - a weaker dollar, will, continue to support bullion," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note. The recent surge in gold prices was also driven by a drop in the dollar, trading near a three-year low, making bullion a more attractive investment for other currency holders. [USD/] Last year, gold recorded its best annual performance since 2010, partly due to market participants fleeing to the safe-haven asset due to increased geopolitical turmoil rising from the wars in the Middle East and Europe. "The driving forces are the same as those that have been swirling around the markets since December – continued political tension, notably around the unpredictability over White House policy," StoneX analyst Rhona O'Connell said. Bullion logged its biggest quarterly rise since September 1986 in Q1 2025, and has already posted 23 all-time highs this year, among which 11 are above the $3,000 level. Analysts say U.S. Federal Reserve rate cut expectations will keep supporting gold. Sign in to access your portfolio
