Canada’s Trade Deficit Jumps in November as Exports Slide and Firms Diversify Away From U.S. 
Starmer’s China Visit Highlights Western Balancing Act Amid U.S.-China Rivalry 
Wall Street Slides as Warsh Fed Nomination, Hot Inflation, and Precious Metals Rout Shake Markets 
Oil Prices Slide Nearly 3% as U.S.-Iran Talks Ease Geopolitical Tensions 
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 
IMF Forecasts Global Inflation Decline as Growth Remains Resilient 
U.S. Eases Venezuela Oil Sanctions to Boost American Investment After Maduro Ouster 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Philippines Manufacturing PMI Hits Nine-Month High Despite Weak Confidence Outlook 
Gold and Silver Prices Plunge as Trump Taps Kevin Warsh for Fed Chair 
China Factory Activity Slips in January as Weak Demand Weighs on Growth Outlook 
China Home Prices Rise in January as Government Signals Stronger Support for Property Market 
Dollar Holds Firm as Markets Weigh Warsh-Led Fed and Yen Weakness Ahead of Japan Election 
South Korea Factory Activity Hits 18-Month High as Export Demand Surges 
Asian Currencies Hold Firm as Dollar Rebounds on Fed Chair Nomination Hopes 
India Budget 2025 Highlights Manufacturing Push but Falls Short of Market Expectations 
Oil prices extended their decline in Asian trading on Monday, pressured by weak demand outlooks and expectations of an oversupplied market. Despite geopolitical tensions in the Middle East, both Brent and West Texas Intermediate (WTI) crude futures remained near five-month lows.
Brent crude for December delivery slipped 0.3% to $61.11 per barrel, while WTI fell 0.4% to $57.33 per barrel by 20:40 ET (00:40 GMT). Both benchmarks dropped over 2% last week, reflecting continued market pessimism over global energy demand.
Although hostilities flared between Israel and Hamas over the weekend, oil prices saw limited upside. Israel confirmed the resumption of a U.S.-brokered ceasefire in Gaza after retaliatory attacks left two Israeli soldiers and nearly 30 Palestinians dead. The truce, originally agreed upon in early October, had already dampened oil’s risk premium by reducing fears of broader regional disruption.
Investor focus also shifted to U.S. diplomatic efforts to mediate ceasefires between Russia and Ukraine, and renewed trade tensions between Washington and Beijing. These global uncertainties have compounded existing worries about slowing consumption and growing inventories.
The International Energy Agency (IEA) recently issued a bearish outlook, warning that consistent production hikes by OPEC and its allies could trigger a supply overhang as early as 2026. Meanwhile, sluggish economic data from top oil importer China, including the upcoming third-quarter GDP report, added to fears of softening demand.
In the U.S., the ongoing government shutdown has delayed key economic data releases and weighed on local fuel demand. Despite occasional support from conciliatory U.S.-China statements, traders remain cautious as rising output and weakening consumption threaten to deepen the oil market’s downturn.
