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WTI Oil extends decline as Hormuz traffic normalizes, US Iran waiver lifts supply PriceONN 新闻
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WTI Oil extends decline as Hormuz traffic normalizes, US Iran waiver lifts supply

West Texas Intermediate (WTI) US Oil trades around $69.30 at the time of writing, down 0.65% on Thursday. The American benchmark Crude is now posting a fourth consecutive day of losses, weighed down by a convergence of supply-side factors reshaping market expectations.

ADNOC Brings BP, TotalEnergies Into Abu Dhabi’s Biggest Gas Cap Project PriceONN 新闻
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ADNOC Brings BP, TotalEnergies Into Abu Dhabi’s Biggest Gas Cap Project

The national oil company of the United Arab Emirates, ADNOC, has signed agreements with BP and TotalEnergies to let the European oil and gas supermajors take 10% each in the consortium developing one of Abu Dhabi’s largest gas fields. Both BP and TotalEnergies announced on Thursday they had signed their respective concession agreements to join the development of the Bab Gas Cap project in Abu Dhabi. BP will now hold a 10% interest in the Bab Gas Cap concession, which is expected to produce up...

Oman rules out fears of toll on Hormuz PriceONN 新闻
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Oman rules out fears of toll on Hormuz

Oman’s Foreign Ministry says during the European trading session on Thursday that future arrangements for the Strait of Hormuz, a critical passage to almost 20% of global energy supply, do not entail transit tolls, state media agency reported.

$70 Oil Could Put India Back on Track for 7% Economic Growth PriceONN 新闻
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$70 Oil Could Put India Back on Track for 7% Economic Growth

India’s economy could return to the trajectory to grow by 7% and even more in the fiscal year through March 2027 if oil prices remain close to the current $70 per barrel, according to a senior official at India’s central bank. Oil prices at about $70 a barrel eased tensions in the Middle East, and a pick-up in tanker traffic at the Strait of Hormuz would reduce upward pressure on India’s inflation and improve the outlook for its economy, Nagesh Kumar, an external member of the Reserve Bank of...

Gold Subdued Below $4,000 On Inflation And Rate Hike Concerns PriceONN 新闻
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Gold Subdued Below $4,000 On Inflation And Rate Hike Concerns

(RTTNews) - Gold prices were subdued on Thursday, with a stronger dollar and rising expectations of a Federal Reserve rate hike this year weighing on the precious metal.

USD/CHF Price Forecast: Aims to extend rally towards one-year high at around 0.8170 PriceONN 新闻
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USD/CHF Price Forecast: Aims to extend rally towards one-year high at around 0.8170

The USD/CHF pair trades 0.16% lower at around 0.8110 during the European trading session on Thursday after correcting from its 10-month high of 0.8140 posted the previous day. The broader outlook of the Swiss Franc pair remains firm due to continued outperformance by the US Dollar (USD).

Iraq considers leaving OPEC if its quota is not increased PriceONN 新闻
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Iraq considers leaving OPEC if its quota is not increased

According to a senior oil ministry official, Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, Reuters reports.

Schnabel: ECB Will Need More Rate Hikes Despite Middle East Ceasefire PriceONN 新闻
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Schnabel: ECB Will Need More Rate Hikes Despite Middle East Ceasefire

European Central Bank Executive Board member Isabel Schnabel reinforced the ECB’s hawkish stance on Thursday, arguing that the recent ceasefire in the Middle East does not diminish the need for further policy tightening. “The ceasefire is no reason for monetary policymakers to let their guard down,” she said in an Interview with Die Zeit, warning […] The post Schnabel: ECB Will Need More Rate Hikes Despite Middle East Ceasefire appeared first on ActionForex.

Qatar Signs Crude Deal With Taiwan as Gulf Oil Trade Recovers PriceONN 新闻
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Qatar Signs Crude Deal With Taiwan as Gulf Oil Trade Recovers

In the latest sign of recovering oil flows in the Persian Gulf, Qatar inked a deal with a Taiwanese refiner for the sale of a cargo of Al-Shaheen crude, Bloomberg reported today, citing unnamed trading sources. The deal follows the sale of Marine and Land Qatari crude to an Indian refiner last week, the sources also told the publication. Bloomberg also reported that ship-tracking data showed a Gfreek-owned supertanker currently loading at the Al-Shaheen floating storage terminal. Separately,...

Silver Price Forecasts: XAG/USD hovers at seven-month lows around $57 with US inflation on tap PriceONN 新闻
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Silver Price Forecasts: XAG/USD hovers at seven-month lows around $57 with US inflation on tap

Silver (XAG/USD) posts moderate losses on Thursday, trading at seven-month lows around $57.00 at the time of writing, after a nearly 12% sell-off in the previous two days.

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