Oil prices steadied on Thursday, holding most of their recent gains before a meeting of oil producers that could extend production limits aimed at clearing
Oil prices steady ahead of key OPEC meeting – Oil prices steadied on Thursday, holding most of their recent gains before a meeting of oil producers that could extend production limits aimed at clearing a glut that has depressed the market for more than three years. Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet in Vienna on Friday and are due to consider extending output cuts that began in January. Both contracts have risen more than 15 percent over the last three months as global oil supply has tightened. OPEC’s efforts have been hampered by higher production in some other parts of the world, including the United States, where shale oil production is reaching record highs. Recent hurricanes in the Gulf of Mexico have also pushed up crude inventories in some parts of the United States as U.S. refineries have been shut by flooding. The structure of oil futures prices suggests OPEC production cuts are beginning to have an impact, analysts say.
Gold Prices Tumble to 4-Week Lows as U.S. Dollar Strengthens – Gold prices tumbled to four-week lows on Thursday, as the U.S. dollar bounced higher after the Federal Reserve indicated the possibility of an additional rise in interest rates this year. As expected, the Fed left interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday. However, the central bank indicated that one more interest rate hike is likely this year, even though it reduced its outlook for inflation this year from 1.7% to 1.5%, and from 2% to 1.9% in 2018. The Fed also said it will begin to unwind its $4.5 trillion balance sheet in October. Most assets consist of the Treasurys and mortgage-backed securities the bank acquired under its quantitative easing program. Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency. However, the precious metal’s losses were expected to be capped by potentially higher tensions between the U.S. and North Korea following harsh statements from U.S. President Donald Trump. In his first speech before the United Nations General Assembly on Tuesday, Trump said”the United States has great strength and patience, but if it is forced to defend itself and its allies, we will have no choice but to totally destroy North Korea.”
World Zinc Deficit Deteriorates Drastically during Jan-Jul – World Bureau of Metal Statistics (WBMS) said on its website global zinc supply deficit expanded noticeably during January-July. NBS: China Zinc Output Falls Noticeably in August. Copper deficit was 347,000 tonnes during January-July, compared to 202,000 tonnes in 2016. China Refined Zinc Supply in Shortages in September despite Big Output Growth, SMM Surveys.
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