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Commodities

Record Gold Imports Inflate India's Trade Deficit

India's merchandise trade deficit widened to a record high in November, driven by a surge in gold imports and a decline in exports, reports Reuters. The deficit reached $37.84 billion, significantly exceeding economists' forecasts and more than doubling October's figure of $27.14 billion.

Oil Prices Dip as Soft Chinese Spending Dampens Demand

Oil prices retreated from multi-week highs on Monday, as weaker-than-expected consumer spending in China and anticipation of a US Federal Reserve interest rate decision prompted investors to pause buying, as reported by Reuters. Brent crude futures fell 45 cents to $74.04 a barrel by midday EST, after reaching their

EU Countries Push for Wider Sanctions on Russian Metals

Ten European Union (EU) countries are calling for expanded sanctions against Russia, including bans on metal exports, to further cripple the country's war effort in Ukraine, as reported by Reuters. The proposal, outlined in a letter seen by the news agency, aims to target Russia's key

Oil Prices Rise on China Stimulus and European Supply Concerns

Oil prices edged higher on Tuesday, driven by expectations of increased demand in China and potential supply tightness in Europe during the upcoming winter, reports Reuters. The benchmarks saw a modest increase, with Brent crude settling at $72.19 a barrel and US West Texas Intermediate at $68.59 a

Trump's Quest for Cheap Energy

For the past 50 years, every U.S. president has made it a priority to advocate for cheap and secure energy. Donald Trump is no exception. His campaign promises include a pledge to "drill, baby, drill" and cut energy costs for Americans by half. This focus on energy
Trump's Quest for Cheap Energy

Norway's Sverdrup Oilfield Back to Two-Thirds Capacity After Outage

Equinor has resumed production at the Johan Sverdrup oilfield in the North Sea, reaching two-thirds of its capacity by mid-morning on Tuesday following a power outage, as reported by Reuters. Output at western Europe's largest oilfield was halted on Monday due to an onshore power outage that disrupted

Trump's Energy Secretary Pick Celebrated in Middle East

US President-elect Donald Trump's nomination of oil industry veteran Chris Wright as energy secretary has been met with enthusiasm in the Middle East, with one Saudi government official anonymously describing the choice as "fantastic," according to a report from S&P Global. However, the potential

Gold Prices Plunge on Fed Rate-Cut Uncertainty

Gold prices are experiencing their most significant weekly decline in over three years, with prices down more than 4% this week, reports Reuters. This sharp drop is attributed to increased expectations that the US Federal Reserve will adopt a less aggressive approach to interest rate cuts, bolstering the dollar and

Saudi Crude Oil Supply to China to Fall in December on Weak Demand

Saudi Arabia's crude oil supply to China is set to decline to around 36.5 million barrels in December, marking the second consecutive monthly decrease and the lowest volume since July, according to trade sources cited by Reuters. The decline is attributed to weak demand from the world&

Hurricane Rafael Impact: Over 25% of Gulf Oil Production Remains Offline

More than a quarter (27.59%) of U.S. Gulf of Mexico oil production and 16.67% of natural gas output remained offline Sunday, following Hurricane Rafael. The Bureau of Safety and Environmental Enforcement (BSEE) activated its Hurricane Response Team and is monitoring operators as they work to restore operations.