Risks remain to the downside for oil and gold

Risks remain to the downside for oil and gold

Oil back under pressure

Oil couldn’t hang on to earlier gains, slipping back into negative territory as the session wore on.

WTI is closing in on $35 again and further losses are looking likely. The next key level is $33, a particular area of interest back in May when crude was trading around these levels.This also coincides with $35 in Brent, a break of which could be the tipping point as far as OPEC+ are concerned.

There’s a couple of weeks until the next JMMC meeting and the next full meeting of OPEC and its allies isn’t until the end of November/start of December. Can they afford to wait that long? A move back towards $30 may force them to act sooner, in some form or another. A postponement of January’s two million barrel increase may be enough for now. Gold bounce nothing to get excited about Gold prices are bouncing […]

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet