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WTI falls below $81.00 as Iran-Oman talks fuel hopes of Hormuz reopening
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.90 during the early European trading hours on Thursday. WTI slumps as hopes grow for a reopening of the Strait of Hormuz amid diplomatic efforts involving Iran and Oman.
WTI slips below $81.50 amid Middle East diplomacy
West Texas Intermediate (WTI) oil price depreciates after registering modest gains in the previous day, trading around $81.30 per barrel during the Asian hours on Thursday. Crude oil prices decline amid signs of diplomatic progress in the Middle East.Gold tumbles as high US inflation supports Fed hawkish bets
Gold (XAU/USD) price drops over 1.37% on Wednesday as economic data from the United States (US) broadly aligned with estimates. Meanwhile, inflation remains close to the 4% threshold, increasing the likelihood of higher interest rates.Fxstreet
Wed, Aug 26
Aluminium: Midwest premium to stay elevated – ING
ING Commodities Strategist Ewa Manthey analyses US aluminium policy and market structure, highlighting that Washington’s amended Section 232 tariffs aim to incentivize domestic smelting but will not quickly resolve the supply shortfall.Fxstreet
Wed, Aug 26
Gold slips ahead of US PCE as US Dollar firms modestly
Gold (XAU/USD) edges lower on Wednesday as buyers trim their exposure ahead of the US Personal Consumption Expenditures (PCE) Price Index data, due at 12:30 GMT. At the time of writing, XAU/USD trades around $4,615 after reaching $4,697 on Tuesday, its highest since May 14.Fxstreet
Wed, Aug 26
Brent: Diplomatic progress weighs on prices – OCBC
OCBC Bank strategists Sim Moh Siong and Christopher Wong note that improved prospects for shipping through the Strait of Hormuz and diplomatic developments involving Iran and Oman have eased supply concerns, pushing Brent crude below USD90/bbl.Fxstreet
Wed, Aug 26
Oil: Prices retreat on Gulf diplomacy – ING
ING analysts Warren Patterson and Ewa Manthey note that Oil prices are under renewed downward pressure, with ICE Brent breaking below $90/bbl as talks involving Iran, Oman and Pakistan on the Strait of Hormuz and the Middle East war progress.Fxstreet
Wed, Aug 26
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