Crude oil price has been extremely volatile today as investors await news from the crucial meeting between OPEC and Russia that is expected to result in an agreement to cut oil production in order to boost oil market price. Fundamental analysis: New agreement possible Crude oil price jumped to above…
Base metals prices are showing signs of firming as the collapse in demand due to the coronavirus is being offset by a cut in supplies from mine closures.In Zambia, Glencore plans to shut its copper mines for three months. “In addition to the impacts of a rapid decline in…
Gold ratcheted higher Monday to a more than seven-year high as investors turned to the sanctuary of the yellow metal amidst dire predictions of the virus. Comex gold futures on Monday tested the $1,700 high water mark again for the third time this year, falling back from a session high…
Crude oil price closed the week more than 32% higher in the first phase of recovery after the “black gold” printed the 18-year low of $19.29. Oil prices were boosted by comments from the Russian President Vladimir Putin who said that a cut in production levels is “possible”. Fundamental analysis:…
An international investigation at Luckin Coffee (NASDAQ:LK) accused its COO on Thursday of fabricating sales figures in 2019 by a massive £252.90 million. Following the regulatory filing, China’s largest domestic coffee chain was seen trading over 80% down in premarket trading on Friday. The accounting fraud cost wiped out roughly…
The latest data showed US initial jobless claims touched a record 6.64 million, painting a grim picture of the weakness in the country’s labor market. Analysts expected a figure of 3.5 million. The latest jump in jobless claims came on the heels of a 3.8 million rise in the previous…
The Canadian dollar rose against the US dollar as oil prices surged today. Brent, the global benchmark, rose by more than 10% while West Texas Intermediate (WTI) rose by more than 9%. As of this writing, the USD/CAD pair is trading at 1.4133, which is 0.40% lower than where it…
Even as Goldman Sachs warned that global oil demand could plunge by 18.7 million barrels per day in April, U.S. shale producer Whiting Petroleum Corporation (NYSE: WLL) filed for bankruptcy. Whiting became the first major U.S. shale producer to seek Chapter 11 protection. Its board of directors attributed…
Gold price is trading slightly higher today after recording a 2.8% drop yesterday following Russia’s central bank announcement that it has halted bullion purchases amid the coronavirus outbreak. Fundamental analysis: Russia pulls the plug Russia’s central bank announced it will stop buying gold from local markets to allow…
With the world’s top two oil producers, Russia and Saudi Arabia, still in a deadlock on oil prices, and the Coronavirus pandemic weighing further on the global demand, the largest oil and gas companies from across the globe have been pushed into cutting expenditures in 2020. The collapse in oil…
U.S. crude oil briefly broke the psychologically sensitive $20 level today as demand projections crumpled on fears that the coronavirus could affect economies for much longer than expected.At the time of writing U.S. crude oil was trading at $20.46, down $1.18 or 5.53%, after having touched a low of…
Crude oil prices have today traded below the $20 mark for the first time since February 2002 as the bears continue to push the price action lower amid the low market prices and coronavirus outbreak. Fundamental analysis: Oil facing “unprecedented” collapse in demand Dan Yergin, one of the most recognized…
Rosneft (MCX:ROSN) has decided to terminate all operations in Venezuela to avoid the U.S. sanctions against this South American country. The oil giant has transferred all assets to another Russian company, fully owned by the government. Fundamental analysis: Rosneft moves to protect its position In what appears to be…
Some of the world’s biggest sovereign wealth funds, from oil-rich countries, could dump more than $200 billion worth of stocks. According to JPMorgan strategist Nikolaos Panigirtzoglou, sovereign wealth funds across the globe lost around $1 trillion of funds invested in equities due to the coronavirus outbreak. As a result,…
Soybeans are versatile legumes that are used to produce tofu, soy milk, and animal feed, among other things. They are also a commodity that can be traded in a number of ways, such as in futures or ETFs.The currency price of soybeansThe price at the time of writing is $8.79…
Wheat is one of the most consumed cereals across the planet. It is difficult to imagine life without pasta, bread, and the other products made from wheat. Let’s discover if the price of this essential commodity is on the way up or down in 2020? The current priceWheat has been…
Russia has called for a new OPEC+ agreement to balance oil markets, just a few weeks after it rejected an offer from OPEC and Saudi Arabia to cut crude oil production. In the meantime, crude oil prices trade near an 18-year low. Fundamental analysis: Russia asks oil countries to…
With the global oil price recently dropping to historically low levels, Chevron (NYSE:CVX) announced that it plans on suspending its share buyback program this year and aims at cutting capital expenditure by £3.42 billion. The Coronavirus pandemic that is weighing heavily on demand and the ongoing price war between…
Chevron (NYSE:CVX) plans to cut capital spending by more than $4 billion, or 20%, due to the collapse in oil prices and the coronavirus outbreak, the company said in a press release. “With an industry leading balance sheet and a flexible capital program, we believe Chevron…
The recent crash in the global oil price is weighing heavily on oil major Royal Dutch Shell (AMS:RDSA). As part of its strategy to cope with it, Shell said on Monday that it plans on reducing its capital expenditures by around £4.3 billion in 2020. The company also declared…
Crude oil prices are currently trading 24% higher as the “black gold” races to post the best day ever following weeks of heavy losses. The commodity lost nearly 17% yesterday when it traded at the lowest level since 2002. Crude has been boosted by strong actions from the…
Crude oil prices are trading around 19% down on the day following a crash in demand amid the coronavirus outbreak, which is likely to significantly hamper the business activity around the world. The outbreak forces airlines to cancel countless flights as the global travel companies are on the brink…
Milk is a commodity that we are all familiar with. Yet, a study a few years showed that many people drink less of it than they should. More worryingly, younger people tend to drink less milk than older people.Demand for this dairy product isn’t the only factor in its…
Natural gas is traded on the futures market at the New York Mercantile Exchange, under the Henry Hub name.With stock markets around the planet crashing heavily this week, many investors are wondering where to turn to commodities. In the case of natural gas, let’s take a look at the different…
Delta Exchange seems to be using a new approach to attracting traders, and this time, it appears to be specifically targeting gold bugs. In the new move, the exchange announced the launch of Tether Gold (XAUt) Perpetual Contracts, accompanied by 20x leverage, against USDT.The new trading product will let…
