Crude prices were a bit higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer
Crude Oil Prices Inch higher as Focus Shifts to U.S. Supply Data – Crude prices were a bit higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. Oil prices ended slightly lower on Monday as reduced expectations for an extension of OPEC-led output curbs combined with fears over rising U.S. output weighed on sentiment. Market players said they were avoiding taking on large new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices. The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices. The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the
outlook for the policy.
Gold Prices Rebound from Biggest Daily Drop In 2 Months – Gold prices were higher in early dealings on Tuesday, rebounding from its biggest one-day percentage drop in more than two-months as investors awaited fresh signals about the likely trajectory of monetary policy in the U.S. in the months ahead. Traders were also keeping an eye on safe-haven demand for the precious metal after U.S. President Donald Trump put North Korea back on a list of state sponsors of terrorism on Monday. Markets will be watching Federal Reserve Chair Janet Yellen when she speaks in New York on Tuesday evening for any clues on interest rates. Yellen said on Monday she would resign her seat on the Fed’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the U.S. central bank. Staying on the Fed front, minutes of its most recent policy meeting will be published on Wednesday and it could offer clues on the pace of potential interest rate hikes by the central bank. The Fed is scheduled to hold its final policy meeting of the year on Dec. 12-13, with interest rate futures pricing in a 100% chance of a rate hike at that meeting, according to Investing.com’s Fed Rate Monitor Tool. For 2018, the Fed is currently forecasting three interest rate hikes, but the markets expect two at most. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647
Our Some Best Services Read it Here…