Shares of BP PLC (LON: BP.) rose 8% on Tuesday after the oil giant announced a dividend ‘reset’ by 50%. BP stock price is now trading above GBX300 again as it attempts to break the descending trend line. Fundamental analysis: New strategy presented BP reported a loss of $16.8…
Gold prices have continued its impressive bullish run to print a new record high at $1,987.95/oz. The yellow metal has been an attractive option for investors as the U.S. dollar hits multi-year lows. Fundamental analysis: Nearly 18 million confirmed COVID-19 cases Gold prices hit a fresh all-time high today…
WPX Energy (NYSE: WPX) is a mid-size Oklahoma-based oil and gas company that reported an EPS beat in its second quarter results. On Friday, WPX Energy CEO Rick Muncrief returned to the financial media universe for his first CNBC interview in years. Q2 review WPX Energy considers itself…
Crude oil prices are trading 2.5% lower today as the number of new COVID-19 cases hits a new daily record. Prices of the black gold rose this week due to a weak US dollar, but the gains got capped quickly. Fundamental analysis: Weak dollar and a steep drop in U.S.
The US dollar has been absolutely destroyed in the last two months. Looking at charts, it seems that dollar buyers capitulated, at least in the short-term. The dollar index (DXY), which measures the value of a basket of currencies of the majority of the U.S.’s most significant trading partners, went…
Gold prices have gained a further 2% on Monday to print the record highs above $1940/oz. A weaker dollar across the board, massive stimulus packages introduced around the globe, and resurging U.S. – China conflict have all helped gold prices to surge. Fundamental analysis: Gold prices shot higher as…
Gold prices have recorded their best week since 2016 to surge above $1,900/oz for the first time since 2011. Investors are channeling their funds into precious metals amid forecasts that more stimulus is heading towards the troubled economies. Fundamental analysis: Gold bursts higher on stimulus forecasts Gold prices have continued…
Shares of Centamin (LON: CEY) surged 2% higher yesterday to trade above GBX193 for the first time since 2010. Centamin, a gold-mining firm operating mostly in Egypt, reported an increase in its production levels in the Q2. Fundamental analysis: New opportunities identified Centamin said its production levels in the…
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…
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…
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…
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…
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…
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…
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. Palladium price 30-day performance Recent weakness in palladium price Palladium…
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”…
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…
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…
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…
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…
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…
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. Gold price rises after Goldman boost Goldman Sachs bullish on gold Goldman Sachs updated its prediction on gold today. In…
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…
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…
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…
