OPEC+ extends output deal and Saudis cut by additional 1 million barrels per day
Saudi Arabia has decided to further trim its oil production by an extra 1 million barrels per day starting from July.
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Saudi Arabia has decided to further trim its oil production by an extra 1 million barrels per day starting from July.
Copper has lost 62% of the gains it made off 2022’s second half rally. Its RSI, a measure of its momentum, is on the bearish side of 50, suggesting the industrial metal’s momentum is to the downside.
USOil drops after its two-week rebound, as China’s factory activity contracted again, amidst signs of rifts between Russia and Saudi Arabia ahead of Monday’s OPEC+ meeting
XAU/USD started May with new record highs, but was forced into a correction due to the change in expectations around the Fed rate path, which boosted the US Dollar
The Energy Minister of Saudi Arabia cautioned speculators on Wednesday that they could be in for some pain, in a warning that helped lift USOil
There is no deal yet for raising the debt ceiling in the US, but markets remain optimistic, which is helpful for the greenback, along with a moderation in previously more dovish expectations around the Fed’s rate path
Copper prices rose on Wednesday on hopes for a resolution to the US debt ceiling drama that helped sentiment, but it faces renewed pressure today as the situation remains uncertain and discouraging Chinese data weigh
The commodity lacks firm direction after a strong weekly start, as markets contemplate IEA’s upgraded demand outlook and below-expectations economic data from China
The commodity made a strong start to the week, but erases those gains on soft inflation data from China that cast doubts over the strength of its recovery and an increase in US stockpiles, as banking fears persist
XAU/USD set new record highs last week, as the Fed’s pause hint weighed on the greenback and steadies off those levels, as markets brace for another inflation update from the US
The commodity slumped to new year lows last week, but bounced back as demand fears ease due to the Fed’s pause hint, strong US PMI’s and jobs report, as well as China’s holiday traveling, although headwinds persist
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