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News
Thursday, November 27, 2025
What’s happening: Crude oil prices recovered on Wednesday, after hitting a one-month low level in the previous session.
What happened: Investors monitored prospects of crude oversupply and ongoing peace talks between Russia and Ukraine.
Higher speculations prospects of the US Federal Reserve cutting interest rates in December lent further support to oil prices.
Why it matters: Investors continued monitoring the ongoing talks between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy said on Tuesday that he was ready to proceed with a US-backed deal for ending the ongoing war, which sent oil prices to a one-month low on Tuesday. An official from Ukraine said Zelenskyy plans to visit the US in the coming days to finalise the agreement.
Data released by the Energy Information Administration (EIA) on Wednesday showed that US crude inventories rose by 2.8 million barrels to 426.9 million barrels during the latest week amid a rise in imports. This was much higher than expectations of a gain of 55,000 barrels.
Meanwhile, gasoline stockpiles surged by 2.513 million barrels, while inventories of distillate fuels rose by 1.147 million barrels in the week.
The Baker Hughes reported that the oil rig count fell by 12 to 407 rigs this week, reaching the lowest level since September 2021.
Markets widely expect the OPEC+ to keep production levels unchanged at its upcoming meeting on Sunday.
The Federal Reserve is widely expected to cut its benchmark interest rates next month, which would stimulate economic growth and increase oil demand.
Weakness in the US dollar provided a further boost to oil prices, as a softer greenback makes commodities cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.1% this morning.
Brent crude prices gained 65 cents, or 1.04%, to close at $63.13 per barrel on Wednesday, while WTI crude surged 70 cents, or 1.21%, to settle at $58.65 per barrel.
In other energy trading, gasoline prices settled at $1.8273, while heating oil closed at $2.3002 and natural gas at $4.558.
What to watch: Investors will keep an eye on the ongoing peace negotiations, as any deal might dismantle sanctions by Western nations on energy exports from Russia and exert pressure on oil prices ahead.
Context: The CAD/USD forex pair rose this morning amid weakness in the US dollar.
Details: Rising prospects of the US Federal Reserve loosening its monetary policy due to softer economic data increased speculations of an interest rate cut in December. This weighed on the US dollar and lent support to the CAD/USD forex pair.
The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell over 0.1% to 99.48 this morning.
Markets widely expect the Bank of Canada to remain cautious with interest rates heading into December.
Lower prices of crude oil, one of Canada’s major exports, limited the overall gains in the loonie. WTI crude oil prices fell 0.5% to $58.35 per barrel this morning.
The CAD/USD pair edged higher to 1.4038 this morning. The S&P/TSX Composite Index had risen 0.90% to close at 31,180.25 on Wednesday.
What to watch: Investors await the release of data on current account (1730 UAE Time) and average weekly earnings (1730 UAE Time) from Canada today. Canada’s current account deficit, which widened by C$19.8 billion to a record C$21.2 billion in the second quarter, is expected to narrow to C$16.5 billion in the third quarter.
Average weekly earnings in Canada, which surged by 3% year-over-year in August following 3.2% growth in July, are expected to rise by 2.9% in September.
Data on Canada’s GDP growth rate and budget balance, scheduled for release on Friday, will also remain in focus.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.67%, 0.69% and 0.87%, respectively.
Hungarian Prime Minister Viktor Orban is looking to visit Moscow for a meeting with Russia’s President Vladimir Putin on November 28. The news sent the RUB/USD pair higher in forex trading this morning.
The Bank of Korea kept its base rate unchanged at 2.50% for the fourth straight meeting in November, lending support to the KRW/USD forex pair.
Australia’s private new capital expenditure on buildings and structures climbed by 2.1% in the third quarter, up from a 0.2% gain in the previous quarter, which sent the AUD/USD pair higher in forex trading this morning.
New Zealand’s ANZ Business Outlook Index surged to 67.1 in November from 58.1 in October. Business sentiment reaching its strongest level since March 2014 lent support to the NZD/USD forex pair.
Argentina’s retail sales rose by 18.9% year-over-year in September. This being a deceleration from the 25.1% growth recorded in the previous month sent the ARS/USD pair lower in forex trading this morning.
Eurozone’s loans to companies (1300 UAE Time), loans to households (1300 UAE Time), M3 money supply (1300 UAE Time), economic sentiment (1400 UAE Time), consumer confidence (1400 UAE Time), consumer inflation expectations (1400 UAE Time), industrial sentiment (1400 UAE Time), selling price expectations (1400 UAE Time), services sentiment (1400 UAE Time) and European Central Bank’s monetary policy meeting accounts (1630 UAE Time), Italy’s business confidence (1300 UAE Time), consumer confidence (1300 UAE Time), industrial sales (1400 UAE Time), 10-year BTP auction (1410 UAE Time) and 5-year BTP auction (1410 UAE Time), South Africa’s PPI (1330 UAE Time), Brazil’s IGP-M inflation (1500 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Mexico’s balance of trade (1600 UAE Time), as well as Spain’s business confidence (1600 UAE Time).
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