Canada’s Trade Deficit Jumps in November as Exports Slide and Firms Diversify Away From U.S. 
Russia Stocks End Flat as MOEX Closes Unchanged Amid Mixed Global Signals 
BOJ Policymakers Warn Weak Yen Could Fuel Inflation Risks and Delay Rate Action 
Starmer’s China Visit Highlights Western Balancing Act Amid U.S.-China Rivalry 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
U.S. Eases Venezuela Oil Sanctions to Boost American Investment After Maduro Ouster 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
China Home Prices Rise in January as Government Signals Stronger Support for Property Market 
U.S.–Venezuela Relations Show Signs of Thaw as Top Envoy Visits Caracas 
U.S. Stock Futures Slip as Markets Brace for Big Tech Earnings and Key Data 
Wall Street Slides as Warsh Fed Nomination, Hot Inflation, and Precious Metals Rout Shake Markets 
U.S. Government Faces Brief Shutdown as Congress Delays Funding Deal 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
Why Trump’s new pick for Fed chair hit gold and silver markets – for good reasons 
EU Recovery Fund Faces Bottlenecks Despite Driving Digital and Green Projects 
Gold Prices Stabilize in Asian Trade After Sharp Weekly Losses Amid Fed Uncertainty 
Philippines Manufacturing PMI Hits Nine-Month High Despite Weak Confidence Outlook 
Oil prices fell on Tuesday as renewed supply concerns weighed on the market. Brent crude futures for November delivery dropped 54 cents, or 0.8%, to $67.43 a barrel by 03:20 GMT before expiring, while the more active December contract slipped 53 cents to $66.56. U.S. West Texas Intermediate (WTI) crude also declined, losing 50 cents, or 0.8%, to $62.95 per barrel.
The decline followed Monday’s sharp losses, when Brent and WTI both fell more than 3%, marking their steepest daily drop since August 1, 2025. Analysts pointed to expectations of fresh output from OPEC+ and the resumption of crude flows from Iraq’s Kurdistan region to Turkey as the main drivers of bearish sentiment.
Exports from northern Iraq resumed on Saturday for the first time in over two years, after an interim deal ended a long-standing deadlock. Meanwhile, OPEC and its allies, including Russia, are preparing for a meeting this weekend, where sources suggest the group is likely to approve an additional production increase of at least 137,000 barrels per day for November. Analysts warn that although OPEC+ production still falls short of its official quotas, markets remain uneasy about further supply.
At the same time, traders are balancing oversupply concerns with risks tied to Ukraine’s ongoing drone attacks on Russian refineries, which threaten to disrupt energy output. Adding pressure, fears of a U.S. government shutdown have amplified demand worries, with ANZ analysts noting that economic uncertainty could weaken consumption. A shutdown would also delay key economic data, including the payrolls report crucial for Federal Reserve policy decisions.
Elsewhere, U.S. President Donald Trump secured Israeli Prime Minister Netanyahu’s support for a Washington-backed Gaza peace plan, though Hamas’s position remains unclear. While geopolitics add complexity, the market’s immediate focus is on rising supply and its impact on oil demand outlooks.
