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Keith Kellogg - the envoy of U.S. president Donald Trump - scolded on Wednesday, a Russian official, for inciting fears of a third world war after Trump warned that President Vladimir Putin "played with fire" regarding Ukraine. Trump warned that Russia would have suffered "REALLY BAD things" if not for Trump's post on Truth Social. What Vladimir Putin does not realize is that without me, a lot of bad things, and I do mean BAD, would have happened in Russia. Trump stated in a Truth Social posting on Tuesday that "He's playing with flames." Former president Dmitry Medvedev dismissed Trump's...

A person familiar with the proceedings said that the Norwegian parliament is set to reject the campaigners' call to instruct its $1.8 trillion fund to boycott companies selling products or services in the occupied Palestinian Territories. The person stated that a majority of the finance committee in the Norwegian Parliament decided to exclude from the fund only those companies which can be connected with the violation international law, and not simply any company that has a presence in such areas. The International Court of Justice ruled last year that Israel's occupation of Palestinian territory was illegal, and that it should...

The oil prices were little altered on Tuesday, as the expectation that members of OPEC+ (Organisation of Petroleum Exporting Countries plus their Allies) will decide to raise their production at a later meeting this week increased. Brent crude futures rose 11 cents or 0.2% to $64.85 per barrel at 0640 GMT. U.S. West Texas Intermediate crude (WTI), however, gained 6 cents or 0.1% to $61.59 per barrel. WTI did not settle Monday due to the U.S. Memorial Day Holiday. Daniel Hynes said that the crude oil price fell as the market pondered the prospect of a rising OPEC production. OPEC+...

Oil prices fell for a second time on Tuesday, as expectations grew that members of the Organisation of Petroleum Exporting Countries (OPEC+) and their allies would decide to raise their production at a meeting this week. Brent crude futures fell 24 cents or 0.4% to $64.50 per barrel at 0507 GMT. U.S. West Texas Intermediate crude (WTI crude) was down 29 cents or 0.5% at $61.24 per barrel. WTI did not settle Monday due to the U.S. Memorial Day Holiday. Daniel Hynes is a senior commodity strategist with ANZ. He said that crude oil prices fell as traders pondered the...

The oil prices fell on Tuesday, as participants weighed up the possibility that OPEC+ would decide to increase crude oil production at a meeting scheduled for later this week. Brent crude futures fell 12 cents or 0.19% to $64.62 per barrel at 0022 GMT. U.S. West Texas Intermediate was down 15 cents or 0.24% at $61.38 per barrel. Daniel Hynes is a senior commodity strategist with ANZ. He said that crude oil was edging lower as the market considered the prospect of rising OPEC supplies. Three sources in the group said that eight OPEC+ member countries who had pledged to...

Three sources at Brazil's state-owned oil company said that Petrobras is looking to change the shareholders agreement of Braskem to give it more influence over the decisions made by the petrochemical company. Petrobras holds a 47% stake with voting rights in the petrochemical firm, but it has only appointed four out of eleven board members, and one out of seven directors, which the sources consider to be a small number. A fund controlled by Nelson Tanure, a businessman and Braskem's major shareholder Novonor, received a nonbinding proposal last week to take control of the biggest petrochemical firm in Latin America....

Wood Group, a British oilfield service company, announced on Friday that its chairman Roy Franklin will run for reelection at the annual general meeting. Franklin plans to step down when it becomes clear what direction the company is going in. Wood Group, the target of Sidara, a Dubai-based takeover company, launched an independent review into its accounting in November for certain unusual charges in its interim financial results. Wood missed the deadline for filing annual results in 2024 by late April. The company cited the pending conclusion of the audit and the timing of its completion. Since May 1, the...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Enel, Italy's largest utility, approved on Thursday a plan for a share buyback and the option to cancel shares acquired without reducing capital. This allows Enel to reward its investors more. The board was given the authority to buy back up to 500,000,000 shares at a maximum cost of 3.5 billion Euros ($3.95 billion). Enel’s board will now decide when and how much to spend on the first tranche. Financial analysts say the utility controlled by the government could spend up to 1 billion euros on the first tranche of buybacks, in an effort to increase the value. Share buyback...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

Shell shareholders re-elected Andrew Mackenzie as Shell's Chair and Wael Sawan as its CEO on Tuesday. When asked about a possible deal with rival BP, Wael Sawan said that the bar was high for mergers and purchases. Media reports Early this month Shell had reportedly been working with advisors to assess a possible acquisition of BP. Shell's annual meeting saw Sawan receive 98.7% support from shareholders, while Mackenzie received 91.4%. Helge Lind, BP's Chair, received only 76% of the vote at its annual general meeting after years with poor share performance. He is expected to step down in the next...

Centrica, a British company, announced on Tuesday that Spirit Energy - its joint venture with German utility Stadtwerke Munchen GmbH - will sell to Ithaca Energy a 46.25 percent stake in the Cygnus field for approximately 116 million pounds (155.05 millions dollars). Cygnus is located in the Southern North Sea and is the UK's largest continental shelf gas field. It also contributes to the UK energy security. Ithaca Energy will increase its operating interest in Cygnus from 65% to 85%. This will position the company as a majority owner, and reinforces the strategic goal of becoming one the largest independent...

The gold price rose on Wednesday as investors bought at the bottom. However, gains were capped due to easing U.S. - EU trade tensions. Now, the market is awaiting the upcoming U.S. Personal Consumption Expenditures Report for clues on interest rates. As of 0237 GMT spot gold rose 0.3% to $3,308.99 per ounce. This was a slight recovery from the 1% drop in the previous session. U.S. Gold Futures increased 0.2% to $3.308.00. Donald Trump, the U.S. president, has backed off his threat to impose a 50% tariff on the European Union. He will now delay its implementation until the...

The rand of South Africa fell against the dollar Tuesday as risk sentiment increased following Donald Trump's decision not to impose tariffs on Europe. At 1510 GMT the commodity-backed currency of the country traded at 17,8900 per dollar, down about 0.2% from its previous closing. The Top-40 index on the stock exchange was flat, with mining companies facing pressure due to the drop in gold prices of more than 1%. Gold Fields, AngloGold Ashanti, and Sibanye Stillwater are all South African mining companies that traded lower for most of the trading session on Tuesday. Shares of Harmony Gold fell even...

Gold prices fell for the second session in a row on Tuesday as risk sentiment improved after U.S. president Donald Trump announced that he would postpone tariffs against the European Union. After a nearly 5% rise last week, spot gold dropped 1.4% to $3296.79 per ounce at 0901 ET (1301 GMT). U.S. Gold Futures fell 2.1% to $3.296.10. Gold prices are volatile as the tariff situation is constantly changing. Bart Melek is the head of commodity strategy at TD Securities. He said that the market is currently under the impression there is a good deal and this is pushing gold...

Gold prices fell more than 1% Tuesday, as the dollar's return to higher trading added to the pressure placed on the safe haven asset after U.S. president Donald Trump's less aggressive stance on trade with the European Union. As of 0833 GMT, spot gold was down by 1.2% to $3304.34 per ounce. U.S. Gold Futures dropped 1.9% to $3.303.40. Prices also softened Monday after Trump, who had threatened to impose tariffs against the European Union in July, reversed his decision on Sunday. He instead reinstated a deadline of 9th July for trade negotiations. "Gold trades down for a second consecutive...

London metals fell on Tuesday due to a decline in copper demand from the world's largest consumer, China. However, a weaker dollar helped cushion the fall. By 0402 GMT, the London Metal Exchange's three-month copper price had fallen 0.31% to $9.580.5 per metric tonne. Everbright Futures, a Chinese consultancy, says that copper demand may be weakening as the off-season approaches. Galaxy Futures said that despite the 90-day suspension of tariffs, demand could remain strong. U.S.-China agreed earlier this month to reduce tit for tat tariffs, and implement a 90 day pause in actions. However, there is still uncertainty about what...

Gold was close to its two-week high Tuesday due to the weaker dollar, and investors were waiting for further U.S. data on interest rates. As of 0228 GMT, spot gold had not changed much from $3,339.99 per ounce. The U.S. markets and London's were closed for the holiday on Monday. U.S. Gold Futures dropped 0.8% to $3339.80. At this point, gold prices are consolidating. The market is waiting for the next catalyst, said Kelvin Woong, senior analyst at OANDA, Asia Pacific. Market participants are worried about the growing U.S. deficit, which is driving down dollar strength and supporting gold prices....

London metals fell on Tuesday due to a decline in copper demand from the world's largest consumer, China. However, a weaker dollar helped cushion the fall. By 0213 GMT, the London Metal Exchange's three-month copper price had fallen 0.13% to $9597.5 per metric tonne. Everbright Futures, a Chinese consultancy, says that copper demand may be weakening as the offseason approaches. Galaxy Futures said that although photovoltaic cell, wire, and cable orders are down, the growth rate of copper consumption has also declined. However, the demand could remain strong due to the 90-day suspension in tariffs. There is still uncertainty about...

Gold prices dropped nearly 1% Monday, after U.S. president Donald Trump dropped his threats to impose tariffs of 50% on goods imported from the European Union starting June 1. This reduced demand for this safe-haven investment. By 1250 GMT, spot gold was down 0.8% to $3,332.04 per ounce. U.S. Gold Futures dropped 1% to $3331.90. The UBS analyst Giovanni Staunovo said, "I'd call it a range trading day." He attributed the modest decline in prices to Trump delaying the imposition higher tariffs against the EU. The activity today is likely to be lower due to Memorial Day in the United...

Gold prices dropped on Monday as U.S. president Donald Trump reversed his threat to impose tariffs of 50% on goods imported from the European Union starting June 1. This reduced demand for this safe-haven investment. As of 0848 GMT, spot gold was down by 0.7%, at $3,334.53 per ounce. U.S. Gold Futures dropped 1% to $3333.40. The UBS analyst Giovanni Staunovo said, "I'd call it a range trading day." He attributed the modest decline in prices to Trump delaying the imposition higher tariffs against the EU. The activity today is likely to be lower due to Memorial Day in the...

Gold prices fell on Monday, after U.S. president Donald Trump announced a deadline of July 9 for a deal with the European Union. He also revoked his June 1 threat to impose a tariff of 50%. As of 0312 GMT, spot gold was down by 0.3%, at $3,346.59 per ounce. U.S. Gold Futures dropped 0.6% to $3345.70. Kyle Rodda is Capital.com's Financial Market Analyst. He said, "There's a relief element in the market after the pause of tariffs against the EU. We're also seeing gold weaken." He said that the United States actions are still impacting the gold market, and...

U.S. president Donald Trump threatened again on Friday to intensify his trade war. He recommended a 50% tariff for goods from the European Union starting on June 1, sending European stock prices crashing. Eurostat reports that the United States will be the bloc's largest export partner by 2024, accounting for 20,6% of all exports. According to data, the most important export group of the EU to the U.S. in 2024 was pharmaceuticals, followed by motor cars, aircrafts, and related equipment. Germany was the third largest exporter to the United States of the EU, with 161 billion euro worth of goods....

South Africa's currency, which is backed by commodities, was stronger on Friday against a weaker US dollar. This was helped by the higher gold price as investors rushed to the safe haven asset due to concerns over the worsening fiscal situation in the United States. At 1513 GMT the rand was trading at 17.88 per dollar, which is 0.7% higher than the closing price of Thursday. Last time, the dollar index fell by about 0.6% versus a basket currency. South Africa is one of the world's major producers of precious metals, and its currency benefits from higher gold rates. Gold...