(Bloomberg) — Gold slipped after the release of monthly US inflation data dimmed prospects for the Federal Reserve to lower interest rates as the war in the Middle East drags on. Bullion was near $5,160 an ounce in early trading, having lost 0.3% in the previous session. While core US inflation was tame at the…
Kuwait, the fifth-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC), announced on Saturday that it has curtailed both oil production and refining output after tanker traffic through the Persian Gulf, Starit of Hormuz, came to a near-complete standstill. The Arab monarchy cited Iranian threats to safe navigation through the Strait of…
Venezuela and the United States are restoring diplomatic ties, the two countries announced Thursday, in a new sign of thawing relations after Washington ousted former president Nicolas Maduro. The announcement came as US Interior Secretary Doug Burgum wrapped up a two-day trip to Venezuela, part of US President Donald Trump’s push for greater access to…
OPEC agreed to resume oil production increases next month as a conflict sparked by US-Israeli strikes on Iran threatened to bolster a rally in crude prices. Key members led by Saudi Arabia and Russia — which had paused a series of hikes during the first quarter — will add 206,000 barrels a day, according to…
The United States and Israel on Saturday (local time) launched strikes in a joint operation targeting Iran’s military and naval forces. US President Donald Trump’s decision to target Tehran has raised new risks for a major portion of the world’s oil supply, Bloomberg reported. Tehran is responsible for nearly 3.3 million barrels of oil per…
US Secretary of State Marco Rubio told the Senate Foreign Relations Committee that the Trump administration stands ready to use force if Venezuela’s interim leadership does not fully cooperate with Washington on key strategic priorities. “We are prepared to use force to ensure maximum cooperation if other methods fail… it is our hope that this…
Oil stocks have been volatile as the market seems to be pricing in a spike in crude prices owing to prolonged uncertainty and possible supply-chain disruption. However, the lifting of US sanctions on Venezuela and the formation of a pro-US government there could raise supplies significantly. Source
US bombing in Venezuela has created ripples across the world, with President Donald Trump saying on Saturday that his country planned to tap Venezuela’s vast oil reserves to sell to other nations. Trump’s overthrow of President Nicolas Maduro in the oil-rich nation is however unlikely to translate into higher crude production, according to experts. Venezuela…
