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.
Commodities are the objects of trade in commerce around the world. Gold, silver, oil: Commodities are the goods exchanged raw, rather than in a manufactured state. Commodities can be traded in physical states, as in gold bars, using futures and spot prices. Many traders, however, use electronic trading, as in EFTs, in lieu of physical shares, focusing instead on the spread of the buy and sell price. Dive deeper into commodity markets.
Saudi Arabia has decided to further trim its oil production by an extra 1 million barrels per day starting from July.
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
The gold daily chart has a strong inverse correlation to the USDOLLAR. The correlation coefficient between the two is a hardy -93%. I.e., gold is benefitting as the greenback comes under pressure.
Oil's underlying momentum is biased to the downside.
Gold's hourly chart shows signs of bullishness but momentum needs to pick up.
XAU/USD runs its fourth consecutive profitable week, but the technical landscape gets tougher, while investors brace for another inflation update from the United States
The Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to continue increasing their production next month, but only by 100,000 barrels per day
Gold is inversely related to real rates in the current market environment. This connection may suggest that the recent gold appreciation is a rally in a broader downtrend.
Sentiment is on the defensive on Sino-US jitters, while markets gear up for Wednesday’s meeting by OPEC+ in regards to production levels
Black gold steadies after a volatile day, as investors weighed IMF’s lower economic growth forecasts and API’s stock drawdown, while awaiting the Fed later in the day
Exchange: ${getInstrumentData.exchange}
${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.