CRUDE OIL & GOLD TALKING POINTS:Crude oil prices down, gold up as coronavirus fears batter marketsRussia due to answer OPEC u
CRUDE OIL & GOLD TALKING POINTS:
- Crude oil prices down, gold up as coronavirus fears batter markets
- Russia due to answer OPEC ultimatum on extending output cuts
- Upbeat US jobs information unlikely to meaningfully enhance market temper
Benchmark commodity costs have been anchored to broad-based market sentiment traits. Cycle-sensitive crude oil costs fell alongside shares amid one other spherical of liquidation driven by worries about the economic downdraft from the coronavirus outbreak. Gold costs rose as capital poured into the perceived security of presidency debt, sinking yields and boosting the enchantment of non-interest-bearing alternate options.
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Extra of the identical appears probably forward. Futures monitoring high European and US fairness indexes are pointing convincingly decrease in late Asia Pacific commerce, arguing for a risk-off tilt within the closing hours of the buying and selling week. Merchants will most likely maintain a detailed eye on the on-going standoff between OPEC and Russia in addition to February’s US employment information.
CRUDE OIL AT RISK AS OPEC, RUSSIA CLASH OVER OUTPUT CUTS
The cartel has been making an attempt to strong-arm Moscow into one other 1.5 million barrel/day output reduce, warning that its members could abandon any beforehand agreed manufacturing caps if it doesn’t. Russian oil minister Alexander Novak is due in Vienna with Kremlin’s response to…