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1. International precious metals futures generally closed higher. COMEX gold futures rose 0.03% to $4725.40 per ounce, down 3.16% for the week; COMEX silver futures rose 0.24% to $75.69 per ounce, down 7.52% for the week. The conclusion of the US Department of Justices investigation into Federal Reserve Chairman Powell boosted expectations of interest rate hikes, supporting gold prices. However, hawkish policy expectations, coupled with geopolitical and economic disturbances, led to profit-taking, resulting in only a slight increase in gold prices. 2. The main US crude oil contract closed down 1.01% at $94.88 per barrel, up 14.88% for the week; the main Brent crude oil contract rose 0.79% to $105.9 per barrel, up 17.17% for the week. 3. Most London base metals rose. LME nickel rose 2.07% to $19,125.0/ton, a weekly increase of 5.56%; LME lead rose 0.31% to $1,960.5/ton, a weekly decrease of 0.08%; LME zinc rose 0.28% to $3,462.5/ton, a weekly increase of 0.48%; LME tin rose 0.26% to $50,345.0/ton, a weekly decrease of 0.69%; LME copper fell 0.50% to $13,289.0/ton, a weekly decrease of 0.43%; and LME aluminum fell 0.80% to $3,591.0/ton, a weekly increase of 0.74%. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.16% to 49,230.71 points, the S&P 500 rose 0.8% to 7,165.08 points, and the Nasdaq Composite rose 1.63% to 24,836.6 points. The S&P 500 and Nasdaq Composite both hit new highs. Merck fell more than 2%, and Verizon fell more than 1%, leading the Dows decline. The Wind U.S. Technology Big Seven Index rose 2%, Nvidia rose more than 4%, and Amazon rose more than 3%. The Nasdaq China Golden Dragon Index rose 1.59%, Hesai Technology rose more than 6%, and Baidu Group rose nearly 6%. This week, the Dow Jones Industrial Average fell 0.44%, the S&P 500 rose 0.55%, and the Nasdaq Composite rose 1.5%. 5. European stock markets closed lower across the board. Germanys DAX index fell 0.11% to 24,128.98 points, Frances CAC40 index fell 0.84% to 8,157.82 points, and the UKs FTSE 100 index fell 0.75% to 10,379.08 points. The uncertain future of the US-Iran ceasefire agreement and the continued US blockade of the Strait of Hormuz weighed on European market sentiment. This week, Germanys DAX index fell 2.32%, Frances CAC40 index fell 3.17%, and the UKs FTSE 100 index fell 2.7%.Investinglive analyst Eamonn Sheridan: As of the episodes aired so far, Trump has not mentioned Iran in his CBS interview.On April 27th, Futures News reported that, according to foreign media, soybean oil futures on the Chicago Board of Trade (CBOT) rose for the second consecutive week in the week ending April 24, 2026, with the benchmark contract closing 5.04% higher, reaching its highest level since December 2, 2022. This mainly reflected a strong rebound in international crude oil futures, improved prospects for biofuel demand, and strong US soybean oil export sales. The nearly two-month-long war has driven up fossil fuel prices, prompting countries to accelerate biofuel blending efforts. Malaysia and Indonesia both plan to increase the blending rate of palm oil-based biodiesel, and Brazil also plans to accelerate the increase of its biodiesel blending ratio from 15% to 20%. The US Environmental Protection Agency also announced an increase in its mandatory biofuel blending targets for the next two years. These policy measures will increase domestic consumption of vegetable oils, crowding out export supplies and providing positive support for soybean oil.On April 27th, according to foreign media reports, as of the week ending April 24th, 2026, Chicago Board of Trade (CBOT) corn futures rose, with the benchmark contract closing 1.3% higher. This mainly reflected a rebound in international crude oil futures, strong US corn export sales, and potential slowdown in spring planting due to rainfall in the Midwest. However, slowdown in domestic ethanol production and a clear outlook for a bumper corn harvest in South America limited the rise in corn prices. The International Grains Council (IGC) this week lowered its 2026/27 global corn production forecast by 2.9 million tons to 1.2999 billion tons, a year-on-year decrease of 1.8%. The ending stocks forecast was lowered by 2.4 million tons to 291.5 million tons, a year-on-year decrease of 4.9%.Goldman Sachs expects Middle East crude oil production to decrease by 14.5 million barrels per day, driving global oil inventories down at a record pace, with a drop of 11 to 12 million barrels per day in April.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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