
Congratulations! Gold has just opened a new era... or, rather, reopened...
WTI oil price recently broke the resistance of $45 and came to trade below $47. It definitely gives an optimistic impression. If things stay as they are, it will likely come to $50 and above. What stands behind this upbeat performance?
OPEC+ has been having a number of difficult talks between the member countries to set the oil supply plans for the mid-term future. The process was “tiring” and “excruciating” as the Saudi Energy Minister commented, but the deal was finally reached. Output cuts will not be extended next year – instead, they will be eased. 500,000 barrels will be added to the daily oil production of the cartel. After that, in a month’s time, a new meeting will be held to decide on the coming month’s production plan, and the same will be happening each month.
So in the short-term, we have an emotional reaction of the oil market that liked to hear that OPEC+ considers current demand good enough to allow cut easing. In the long-term, however, the way the recent meetings have been going reveals an increasing disparity and disagreements between the cartel member countries. Will it lead to a split? It may. Time will tell.
Congratulations! Gold has just opened a new era... or, rather, reopened...
The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Big news shake financial markets more and more often. This time oil is once again the news maker.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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