Gold prices fell on Monday due to a stronger dollar against a basket of major currencies. Silver prices also declined slightly as the dollar strengthened and weighed on sentiment. Meanwhile, oil prices also fell earlier in the day before stabilising somewhat. Oil prices had experienced steep losses last week due to growing optimism over a
BP’s Olympic Pipeline system remained shuttered on Monday following a fuel leak near Everett, Washington, prompting an investigation by the company and authorities and forcing airlines to activate contingency plans as the busy Thanksgiving travel week ramps up. The product discharge, initially reported on November 11, led BP to shut down two pipelines east of
India is entering a new phase in its Russian oil trade as banks develop stricter checks to navigate Washington’s latest sanctions. Lenders, which only weeks ago were reluctant to clear any payment linked to Russian crude, are now prepared to consider transactions if cargoes come from non-blacklisted sellers and follow every sanctions rule, reported Bloomberg.
Russia is looking to expand its energy partnership with China, with Deputy Prime Minister Alexander Novak announcing in Beijing on Tuesday that Moscow sees opportunities to increase oil exports and enhance cooperation on liquefied natural gas (LNG) supplies. Since Russia initiated its military action in Ukraine in February 2022, China and India have emerged as
After having spent most of the day in the red, gold prices rebounded due to renewed expectations of a December interest rate cut by the Federal Reserve. On the other hand, silver prices dipped nearly 2%, but hopes for a rate cut limited losses. Oil prices fell, and were set for a weekly decline as
Global sugar prices are expected to remain soft in the coming months due to rising production and rebuilding stocks, said Edward Nikulin, a commodities and weather-model analyst at Mind Money. “Key upside risks stem from weather shocks (El Niño/La Niña transitions) and energy-price volatility affecting Brazil’s ethanol mix,” he said in an analysis. India’s export
Gold prices were largely unchanged on Thursday, even as the dollar strengthened against a basket of major currencies. Prices had fallen 1% earlier on Thursday, but the yellow metal recovered somewhat as the day progressed. Meanwhile, silver prices were largely unchanged from the previous close after falling sharply earlier in the day. On the other
Finnish petrol station operator Teboil, a subsidiary of Russian oil major Lukoil, announced on Wednesday that it is preparing to close all its petrol stations in Finland. This action is due to fuel shortages resulting from US sanctions imposed on its parent company, according to a Reuters report. Teboil, a significant player in Finland’s fuel
Oil prices fell sharply on Wednesday due to oversupply concerns and rising inventories in the US. Meanwhile, gold and silver were higher ahead of the release of key US economic data. Base metal prices were also higher ahead of key economic indicators from the US, which is likely to pave the way for the Federal
Russia’s central bank announced Wednesday that its engagement with the domestic gold market—both buying and selling for the National Wealth Fund (NWF)—has been on the rise, citing the yellow metal’s growing liquidity. The central bank of Russia has seen a substantial portion of its foreign exchange reserves, held in key Western currencies such as the