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OPEC along with non-OPEC oil producers are moving toward deciding at their November 30 gathering whether to extend a global agreement to tame crude supply further into next year or not, as two ministers revealed on Monday, it appears to be a quicker time frame than previously indicated.
The Organization of the Petroleum Exporting Countries, Russia as well as nine other oil producers, are reducing output by nearly 1.8 million barrels a day until March next year for the purpose of eradicating a glut. Moreover, they’re also considering extending the pact for longer.
The previous month Reuters informed citing OPEC sources, that oil producers were about to prolong the pact until the end of 2018, although the decision could be delayed until early 2018 depending on the market.
On Monday, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui disclosed that he saw no need for the verdict to be postponed beyond the November 30 gathering in Vienna.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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