OPEC and Russia will meet next week

Daily Analysis - 27/11/2019

An Extension of oil cuts may be possible 

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Russia and OPEC and are expected to prolong their oil production agreement at least up to mid-year. However, according to analysts, if they continue to reduce the production, as some speculate, it may lower what has previously satisfied markets.

OPEC, Russia and other partners have an open-ended arrangement to decrease production by 1.2 million barrels per day, with the largest reductions arising from Saudi Arabia. Helima Croft, the global head of commodities strategy at RBC said “At this stage, it’s not perfect for a number of producers, but it’s not catastrophic either,” “We’re kind of treading water.”

Gold fell after Trump remarks


On Wednesday the popular safe haven Gold went lower following US President Donald Trump’s remarks that the US was near to achieve an intermediate trade agreement with China. Those comments increased the interest in riskier assets. US gold futures dropped 0.1% to $1,459.29. Spot gold slipped 0.1% to $1,459.19 per ounce. Gold reached a 14-day low of $1,450.29 in the previous session.

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Oil down while stock market is becoming more attractive


On Wednesday Oil weakened after an energy statement revealing a surprise increase in US crude stockpiles. However, beliefs encompassing the finalizing of the first phase of a US-China trade agreement halted a bigger fall in prices. West Texas Intermediate (WTI) crude futures dropped 16 cents, to $58.24 per barrel.

Brent crude futures fell 15 cents, to $64.10 a barrel.

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Greenback supported by trade deal


On Wednesday the popular greenback registered some decent profits while investors watched forward to a potential development regarding US-China trade discussions. This while an outlook for monetary policy easing beat the Australian Dollar. Versus the yen, the greenback exchanged at 109.10 yen, below a 14-day top of 109.204 scored yesterday. The USD gained support on indications that the US and China were going towards confirming a settlement to stop their 16-month trade dispute.

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