- Crude Oil
Oil prices rose on Thursday after heavy sell-offs drove the market to a multi-year low, however, tariff uncertainties and a rising supply outlook capped gains.
Brent futures were trading up 39 cents, or 0.56%, at $69.69 a barrel by 0416 GMT, while U.S. West Texas Intermediate crude (WTI) futures climbed 39 cents, or 0.59%, to $66.70 a barrel.
Brent plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023.
Prices fell after the U.S. enacted tariffson Canadian and Mexican goods, including energy imports, at the same time major producers decided to raise output quotas for the first time since 2022.
The decline eased as the U.S. said it will exempt automakers from the 25% tariffs, raising optimism the impact of the trade dispute may be mitigated.
Additionally, a source familiar with the discussions said that U.S. President Donald Trump may eliminate the 10% tariff on Canadian energy imports, such as crude oil and gasoline that comply with existing trade agreements.
GoldGold is hovering near a previous all-time high for the second consecutive day as investors closely monitor the evolving tariff situation and its potential impact on the US economy and Federal Reserve policy decisions. Additionally, concerns have arisen regarding the potential tightening of supplies in London following Trump’s tariff threats. Investors have been observed moving record volumes of the metal to New York warehouses in recent months due to these uncertainties.
Investors will be closely analyzing Initial Jobless Claims later today and the upcoming nonfarm payrolls data on Friday for any indications of the labor market. Which could provide signs on the future of rate cuts by the Federal Reserve.
On the chart, gold is trading at $2,915 above the 9-day SMA and could see resistance near yesterday’s highs at $2,929 and support could be seen near the psychological level of $2,900.
Gold prices in the UAE today are as follows:
24 Carat – AED 351.50
22 Carat – AED 327.00
21 Carat – AED 313.75
18 Carat – AED 268.75
