IAUM - Commodities: Oil Steady As Market Awaits Cues
2025-04-28 06:15:00 ET
Summary
- Crude oil ticked up slightly this morning as the market remains cautious amid the developing situation over trade talks between the US and China.
- Meanwhile, European natural gas prices continue to come under pressure, with TTF futures down 9% as of last week.
- Per the latest data from the Shanghai Futures Exchange (SHFE), copper inventories in China fell significantly by 54,858 tonnes for a fifth consecutive week to 116,753 tonnes as of last Friday - the biggest weekly decline on record.
- Latest data from the China Gold Association shows that the country's gold consumption fell almost 6% year-on-year to 290.5t in Q1 2025. The association further added that the decline was led by jewellery demand falling by 27% YoY to 134.5t in the quarter.
By Ewa Manthey , Warren Patterson
Energy - Crude sees modest gains
The oil market managed to trade marginally higher in the early morning today, with ICE Brent trading above $67/bbl. Market participants are waiting for more clarity over the conflicting signals from the ongoing US-China trade talks. Meanwhile, the US and Iran talks of a deal over the nuclear programme continue to remain constructive, with both countries agreeing to meet again in Europe soon. OPEC+ is scheduled to meet on May 5 to discuss output plans for June....
Commodities: Oil Steady As Market Awaits Cues