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Canadian Dollar declines as safe-haven demand lifts US Dollar
USD/CAD inches higher after registering minor losses in the previous day, trading around 1.4200 during the Asian hours on Wednesday.
WTI spikes following fresh US airstrikes on Iran
West Texas Intermediate (WTI) oil price continues to advance after registering nearly 5% gains in the previous day, trading around $72.20 per barrel during the Asian hours on Wednesday.
Washington revokes Iran's Crude Oil waiver 19 days after granting it
The United States Treasury Department revoked the general license authorizing Iranian Crude Oil sales on Tuesday, ending the shortest-lived sanctions relief of the ceasefire era hours after three tankers were struck in the Strait of Hormuz.
United States API Weekly Crude Oil Stock came in at -0.399M, above expectations (-1.5M) in July 3
United States API Weekly Crude Oil Stock came in at -0.399M, above expectations (-1.5M) in July 3
WTI climbs over 2% as Strait of Hormuz attacks revive supply concerns
West Texas Intermediate (WTI) crude Oil edges higher on Tuesday as fresh attacks near the Strait of Hormuz threaten the recovery in shipping seen in recent weeks following the interim US-Iran peace deal. At the time of writing, WTI is trading around $70.44, up about 2.65% on the day.
Oil: Gulf supply recovery challenges oversupply narrative – Commerzbank
Commerzbank’s Carsten Fritsch highlights a rapid recovery in Gulf oil production and exports following the US–Iran agreement, with Brent moving into contango and Saudi Arabia slashing its OSP for Asian buyers.
Oil: Deficits support higher prices – TD Securities
TD Securities’ Ryan McKay argues that Crude Oil is far from oversupplied, with high-frequency global and Chinese balances still pointing to tightness.
Brent: Hormuz security risks support prices – BNY
Geoff Yu reports that a Qatari LNG carrier was struck near the Strait of Hormuz, reviving security concerns and lifting European gas prices and Brent, WTI, Omani and Dubai crude benchmarks.
WTI Price Forecast: More downside is likely if Oil falls below $67
West Texas Intermediate (WTI), futures on NYMEX, trades 1% higher to near $69.40 during the European trading session on Tuesday.
Canadian Dollar: Loonie constrained near term – NBC
National Bank of Canada ’s (NBC) Stéfane Marion and Kyle Dahms describe the Canadian Dollar (CAD) as caught between improving domestic growth and a still-challenging external backdrop. USD/CAD recently rose above 1.42, with forecasts easing to 1.33 by Q2 2027.
Canadian Dollar weakens despite higher oil prices
USD/CAD gains ground for the third successive day, trading around 1.4210 during the European hours on Tuesday. The pair appreciates as the US Dollar (USD) holds ground, which could be attributed to the renewed geopolitical tensions in the Strait of Hormuz.
Indian Rupee recovers strongly as oil prices remain broadly lower
The Indian Rupee (INR) recovers early losses and turns positive against the US Dollar (USD) on Tuesday.
Silver Price Forecast: XAG/USD corrects further to near $61 as oil prices attract bids
Silver price (XAG/USD) is down 1.35% to near $61.00 during the Asian trading session on Tuesday.