US Trade Uncertainty Drives Volatility in Crude Oil and Gold Prices – Century Financial
- Crude Oil
Oil prices took a hit this week, and according to Rystad Energy, the bearish mood is real—but temporary. Brent crude briefly dipped near $69 per barrel as markets reacted to OPEC+’s decision to gradually increase output starting in April, while ongoing tariff drama from Washington continues to rattle demand expectations.
Higher flows from Kazakhstan and Iraq are adding more barrels into an already well-supplied system, and traders are watching to see if OPEC+ will intervene to stabilize the market.
The White House postponed its planned tariffs on Mexico, but Canadian retaliatory measures remain in place, and China is gearing up for its next move.
The result? Investors are nervous that global demand could take a hit and pressure prices even further.
February marked the seasonal low point for global refinery demand, and between now and August, refinery runs are expected to rise by 3 million barrels per day. That uptick in crude consumption should help absorb some of the incoming supply and provide a price floor.GoldGold gained 0.2% yesterday, reaching around $2,913. Concerns over US trade policies under President Trump, who described the economy as being in a “period of transition” while pushing for tariffs and federal job cuts, are providing support to the safe-haven asset. Adding to the uncertainty, Fed Chair Jerome Powell acknowledged economic risks but indicated there is no immediate need to adjust monetary policy. Weak U.S. economic data and rising recession fears have increased expectations for interest rate cuts, which generally support gold by making it a more attractive asset. From a technical perspective, gold has been moving sideways but remains above its 9-day SMA at $2,901 on the daily chart. The next support level is at $2,890, while resistance is at $2,927.
Gold prices in the UAE today are as follows:
24 Carat – AED 350.75
22 Carat – AED 326.25
21 Carat – AED 313.00
18 Carat – AED 268.25
Last Updated on 7 hours by News Desk 1
