Commodities news & headlines

British Petroleum (LON: BP) said on Saturday that it has invested £790 million in India’s Reliance Industries. The investment, it added, will get the British oil major a minority stake in Reliance’s fuel retail business. BP recently raised £9.50 billion via its first hybrid bonds issue. Shares of BP closed at £17.83 per share on Friday that represents a 40% decline year to date in the stock market after recovering from a low of £12.76 per share i...

April 2020 was a historic month for financial markets as oil prices traded in the negative territory for the first time ever. The demand was practically non-existent in April, which led to OPEC+ countries cutting production to its lowest levels in 30 years. Historically low production from OPEC+ members Crude oil prices are having a pretty bad year so far with the 2020 highs printed in the first week of January. Since then, oil prices have practi...

Gold prices (XAU/USD) climbed above $1,800 per ounce for the first time since 2011 as investors flee to safe-haven amid the rising number of new COVID-19 infections. The bulls completed an ascending triangle chart pattern and are now looking to consolidate gains near the recent highs. New 9-year high Gold spot prices exceeded $1,800 per ounce on Tuesday for the first time in 9 years. This move came on the back of the record inflows and risk-off a...

Gold prices rose to nearly $1,790 an ounce for the first time since 2012. Investors have turned to the yellow metal amid the surge in new coronavirus cases worldwide.  Fundamental analysis: Record daily increase in new infections Fresh concerns over the rising number of new COVID-19 infections worldwide have facilitated a higher interest in safe-haven assets. The demand for the yellow metal has surged after the world witnessed the highest nu...

Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Fundamental analysis: Infection cases on the rise again Crude oil price closed this week at $38.17, down 2.28%. This is despite prices trading above the $40 handle in the mid-week on hopes of a V-shaped economic recovery. “Markets have...

Shares of Repsol SA (ETR: REP) closed the week over 6% in the red for the third week in a row. The stock price has now pared back gains and it trades almost 3% down in June. Fundamental analysis: Repsol inks new contracts Repsol SA, the tenth biggest company in Spain by market capitalization, committed millions of euros for investments in fuel production using green hydrogen. The oil giant plans to produce gas from urban waste.  The new plan...

Palladium price is up slightly as traders reflect on the rising coronavirus infections in South Africa and the ongoing recovery in Asia. The precious metal is trading at $1850 per ounce, which is near its lowest level since June 4. Recent weakness in palladium price Palladium price has declined by more than 5% this year. In contrast, gold has jumped by more than 16%. The divergence between the two metals is mostly because of their usage. On the o...

Global chemicals and pharmaceutical giant Bayer (ETR: BAYN) said this week it would pay nearly $11 billion to settle tens of thousands of lawsuits that allege its Roundup herbicide weedkiller causes cancer. Bayer CEO Werner Baumann said on a Thursday Fox Business interview the settlement marks “closure” on the matter and it can now focus on the business. Roundup is safe The U.S. Environmental Protection Agency reconfirmed in early 2020 Roundup is...

Silver price declined by more than 2.2% as investors reacted to the increasing risks of a second coronavirus wave and the ongoing trade war between the United States and Europe. The price is trading at $17.53, which is lower than June’s high of $18.38. Meanwhile, gold price jumped to a seven-year high of $1780 while copper is up by 0.35%. United States coronavirus cases Silver price dropped partly because of the rising number of coronavirus cases...

Shares of Petrofac Limited (LON: PFC) have slumped over 10% today after the company reported it expects a 70% decline in revenue for its two divisions. As a result, Petrofac share price has erased gains recorded in the past four days.  Fundamental analysis: Weak oil demand hurting the company Petrofac said its two divisions – engineering and construction – are expected to suffer immensely from a plunge in demand for oil products....

E-commerce giant Amazon.com, Inc. (NASDAQ: AMZN) created a new internal venture-capital fund and will allocate $2 billion towards clean energy and green investments, The Wall Street Journal reported. Improving image Amazon’s environmental record has come under criticism from multiple watch groups and even its own employees. Most notably, a group named Amazon Employees for Climate Justice delivered an open letter to management which urged the comp...

Gold prices (XAU/USD) have gained over 5% in the past two weeks after setting a 6-week low near the $1,670 mark on June 05. The buyers have now successfully broken above the ascending triangle’s resistance just below the $1,750 handle to pave the way for more significant gains in the coming days. Fundamental analysis: Banks bullish on gold, COVID-19 infections on the rise Bank analysts have been long bullish on gold prices, arguing that the low r...

Crude oil price is wavering today as worries of a second coronavirus wave outweigh the falling US and Canadian oil rig count. Brent, the international benchmark, is up by 0.35% while West Texas Intermediate (WTI) is up by 0.20%. At the same time, the Bloomberg Commodities Index is up by 0.20%. Second wave fears rise Crude oil price, like all other commodities, is affected by demand and supply. Today, the demand for oil is in slow recovery after f...

Gold price rose by more than 0.80% after a bullish call by Goldman Sachs. Its price is trading at $1,736, which is the highest it has been since June 12. Goldman Sachs bullish on gold Goldman Sachs updated its prediction on gold today. In a note, the Wall Street firm said that gold price will hit $2,000 in the next 12 months. It expects it to hit $1,800 in the next three months and $1,900 in the next six months. The analysts point to currency deb...

British Petroleum (LON: BP) said on Thursday that its hybrid bonds issue raised a total of £9.50 billion in debt in multiple currencies. As per a BP’s spokeswoman, the company wishes to benefit from low-interest rates to strengthen its balance sheet. Learn more about the key balance sheet components. Shares of the company are less than 1% down on Thursday. At 311 pence per share, British Petroleum is more than 30% down year to date in the stock m...

Saudi Aramco said on Wednesday that it has completed its deal with Saudi Basic Industries. Aramco now has a 70% stake in the Riyadh-based petrochemicals company that it purchased for £55.10 billion. Aramco also announced a 3-year extension on the payment period to 2028, aimed at providing support against weak oil prices. Shares of Aramco ended almost flat on Wednesday. At £6.94 per share, the Saudi Arabian multinational petroleum and natural gas...

Silver prices are trading around 1.3% lower today as investors fear a reduced consumer demand for precious metals due to troubled economies. Prices can drop further 6% if the activated head and shoulders pattern is completed in the coming days and weeks.  Fundamental analysis: March all over again? Global markets appear to have moved into the risk-off sentiment again as stocks have continued to move lower in the past few days. Similar to developm...