Congratulations! Gold has just opened a new era... or, rather, reopened...
Crude declines moderately in Asia
On Monday, oil gave up slight early revenues in Asia with China shut for a public holiday and traders shrugging off news at the weekend on positive output cuts by Russia as well as Iraq’s pledge to step-up compliance.
May delivery US West Texas Intermediate crude futures lost 0.14%, hitting $50.53 a barrel in New York. In London, June delivery Brent crude futures dipped 0.24%, hitting $53.40 a barrel.
The previous week, crude futures settled higher for the fourth session in a row, extending a soar to the strongest value in more than three weeks amid optimism that OPEC is going to extend its output-cut deal beyond June.
Sentiment in the crude market improved this week in wake of extremely supportive rhetoric from a number of OPEC nations, who want to extend output cuts into the second half of this year.
Last year in November, OPEC agreed to curb its output by approximately 1.2 million bpd between January and June, while Russia along with 10 other non-OPEC producers have decided to jointly reduce by an additional 600,000 bpd.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!