Crude oil prices rebounded to a two-week high after OPEC President Mohammed Al Sada said the cartel will hold an informal meeting in Algiers next month. The comments fueled hopes for output-side relief after the WTI contract fell to a four-month low last week. Gold prices are in digestion mode after Friday’s sharp decline – the largest in three months – following a dramatically better-than-expected US jobs report. The outcome bolstered Fed policy tightening bets, pushing yields higher and undermining support for anti-fiat assets. Looking ahead, a lull in high-profile news flow may make for a quiet consolidative session. The absence of a readily apparent focal point could make for increased sensitivity to headline risk however, fueling knee-jerk volatility. The API estimate of weekly crude inventory flows may also be a near-term market mover.
0 comments:
Post a Comment