The United Arab Emirates has left the Organization of Arab Petroleum Exporting Countries (OAPEC), an alliance that does not set production policies for its members, a statement from the intergovernmental organisation showed on Sunday. The statement follows UAE’s surprise announcement on April 28 of its departure from the OPEC and OPEC+ producer groups, to prioritise boosting its own output.
Gold prices nudged lower on Monday, weighed down by inflation worries that clouded the U.S. monetary policy outlook, while markets awaited developments in U.S.-Iran peace negotiations. Fundamentals Spot gold was down 0.3% at $4,599.45 per ounce, as of 0114 GMT. US gold futures for June delivery fell 0.7% to $4,611.40. US President Donald Trump said that Washington would start an effort
Oil prices eased on Monday after US President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100. Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT after settling down $2.23 on Friday. US West Texas Intermediate was at $101.10 a
Selling pressure persisted at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 3,000 points during the opening minutes of trading on Thursday. At 9:45am, the benchmark index was hovering at 162,883.34, down by 2,940.53 points or 1.77%. Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration com
AI-related shares fared well in Asia on Thursday after a raft of generally positive earnings reports, while surging oil prices left bonds battered as central banks turned more hawkish on inflation and interest rates. Investors feared the European Central Bank and Bank of England would likely warn of higher rates later in the day, after three Federal Reserve members voted to drop its easing bia