There's now a glut of processed cheese swamping the market, sending prices as low as $1.31 per pound for a 500-pound barrel - the lowest since 2020.

The goods were secretly unloaded at night and replaced with rocks that resembled semi-refined metal.

OPEC cut its forecasts for 2020 and 2021 global oil demand on Wednesday, citing rising COVID-19 cases and government lockdowns as a risk to the commodity market. In its November report, the lowered its 2020 demand projection by 0.3 million barrels to 90 million barrels per day. The revision follows […]

Gold prices sank as much as 5.2% on Monday as Pfizer’s vaccine update hinted the coronavirus pandemic may be contained earlier than anticipated. The pharmaceutical giant said Monday it’s experimental coronavirus vaccine was more than 90% effective at preventing COVID-19 in trial patients. The news drove stock indexes to record […]

Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market’s recovery. West Texas Intermediate crude sank as much as 6.4%, to $US37.04 per barrel. Brent crude, oil’s international standard, tumbled 5.8%, to $US38.83 per barrel, at intraday lows. A global […]

An energy outlook report published by BP on Monday suggests oil demand may never return to its 2019 peak and could halve over the next three decades. The oil market has failed to fully rebound through the coronavirus crisis as weakened travel activity slams consumption. BP laid out three scenarios […]

Oil contracts slumped on Tuesday as industry giants cut prices in an effort to support market demand. West Texas Intermediate crude tumbled as much as 9.2%, to $US36.13 a barrel. Brent crude sank as much as 6.7%, to $US39.79, at intraday lows. The sell-offs began over the holiday weekend after […]

Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery. West Texas Intermediate crude fell as much as 3.3%, to $US41.50 per barrel. International benchmark Brent crude dropped 3%, to $US44.02 per barrel, at intraday lows. Fed officials expressed […]

Spot gold whipsawed on Wednesday, tumbling as much as 2.6% below $US1,900 per ounce before erasing losses and gaining as much as 2% through the morning. The volatile session comes after gold sank the most in seven years on Tuesday. Rising Treasury yields “delivered a sledgehammer blow to precious metal […]

Spot gold is set to post its biggest one-day crash since 2013 as investors dump the precious metal for risk assets. The precious metal tumbled as much as 4.7%, to $US1,932.28, in Tuesday trading. Futures for December delivery slid 3.9%, to $US1,946, at intraday lows. Stocks gained as investors rested […]

Crude oil futures rose on Monday after Saudi Aramco issued a bullish forecast for market demand. The oil producer’s CEO said Sunday he sees Asian demand nearing pre-pandemic highs as economies reopen. West Texas Intermediate crude jumped as much as 1.8%, to $US41.96 per barrel, while international standard Brent crude […]

Oil futures sank on Thursday as dire economic data releases pointed to a demand recovery lasting longer than expected. West Texas Intermediate crude fell as much as 6.3%, to $US38.72 per barrel. Brent crude slid 5.4%, to $US41.38, at intraday lows. Thursday reports showed US GDP sliding the most on […]

Even as gold settles near all-time highs, one analyst sees the metal’s rally continuing through the summer. Spot gold leaped as high as $US1,944.55 on Monday, setting a new intraday record amid investors’ widespread push into safe-haven assets. The metal’s current momentum “will cross the $US2,000-an-ounce mark” as investors brace […]

Even as gold prices close in on record intraday highs, Mark Mobius expects the precious metal to rally further. The popular safe-haven investment climbed at the start of the summer as a resurgence of US coronavirus cases and fears of a prolonged recession drove investors to safe havens. With interest […]

Gold futures swung higher on Thursday and neared a record close as investors continued to hedge against a worse-than-expected recession. Contracts for the precious metal leaped as high as $US1,897.70 per ounce, overtaking their all-time closing high of $US1,891.90 from August 2011. The asset’s intraday high is just a 1.4% […]

Oil futures soared to their highest level since early March as investors grew more optimistic toward a near-term economic recovery. West Texas Intermediate crude leaped as much as 3.3%, to $US42.16. Brent crude gained 3.4% to $US44.75 at intraday highs. The commodity market’s early gains arrived after the European Union […]

Oil prices slumped on Wednesday as investors stared down a larger-than-expected jump in US crude inventories and surging COVID-19 case counts in several states. Inventories leaped by 1.75 million barrels to 545 million barrels last week, according to an American Petroleum Institute report seen by Reuters. Economists expected a build-up […]