Overview
- Brent traded near $60.99 and WTI at $57.56 in the first 2026 session after roughly 20% losses in 2025, with analysts flagging a likely 2026 supply surplus and U.S. output at a record 13.87 million bpd in October.
- Gold rose about 0.8% to $4,346 an ounce and other precious metals firmed, following a standout 2025 when gold gained 64%, silver 147%, platinum 127% and palladium 76% on lower-rate bets, geopolitical risks and central‑bank demand.
- The Bloomberg dollar index fell about 8% in 2025, its biggest annual decline in eight years, as markets priced at least two Fed rate cuts in 2026 and weighed the prospect that President Trump may name a new Fed chair.
- Oil’s early uptick followed reports of Ukrainian drone strikes on Russian energy infrastructure and new U.S. sanctions targeting Venezuelan oil shipping, even as broader supply growth capped prices.
- Dubai reported resilient consumer and investor activity, with Dubai Duty Free posting a record 8.680 billion dirhams in 2025 sales and the Dubai Financial Market adding about 86,470 new investor accounts as the index rose 17.22%, while local dealers said bullion was the most in-demand gold product and some forecast prices could exceed $5,000 in 2026.