The seven members are Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman. Officials, who wished to remain anonymous, indicated that additional limits will be considered in March. With a tempered oil price of around $80 per barrel, the surge in US shale production, and the Red Sea conflict endangering shipments, OPEC+ members find it…
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At a stage, brent crude was down 1.63% at $1.30 per barrel. US West Texas Intermediate crude clocked a 1.60% or $1.19 loss. Reportedly, in November, OPEC proposed cutting Angola’s 2024 production quota, which is approximately 1.1 million barrels per day. Reuters quoted a UBS analyst who commented: From an oil market supply perspective, the…
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Against this background, unless OPEC and its allies cut production, or the US decides to replenish its strategic reserves, there may be scope for further weakness in the price of oil. Ricardo Evangelista – Senior Analyst, ActivTrades Stocks traded mixed but with less volatility in Europe on Friday, read more... Disclaimer: opinions are personal to…
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From a technical point of view, a clear move back above $80 seems to be unlikely as of now given this area’s importance as a psychological resistance and buying saturation based on the slow stochastic. ATR of around $2.20 is now about half the peak in December, though, so a retest of $80 seems very…
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Even before large losses at the end of last week, it already seemed fairly unlikely that the cartel would significantly boost production. With most members seemingly content with prices of Brent around $75-85 and various countries including Japan having released their strategic reserves of crude, there had been no clear calls among OPEC for increasing…
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What to watch Chewy: Online pet food and product retailer Chewy’s share price is up by more than 150% in 2020, as consumers stuck at home have turned to online solutions. Pet sales and adoptions have also surged this year during US lockdown restrictions. The firm will deliver its third-quarter earnings on Tuesday, where investors…
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What to watch Coupa Software: California-based tech firm Coupa Software offers business spending management services, which provide companies with visibility into and control over their operations. The firm’s share price has soared in 2020, more than doubling. Coupa’s cloud-based products fit well into the current mass work-from-home environment. Companies facing economic difficulties who want to…
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What to watch US jobs report: All eyes will be on November’s job report from the Bureau of Labor Statistics on Friday, investors will be watching to see whether surging Covid-19 case numbers in the US have damaged the labour market. In October, jobs growth was better than expected, and the unemployment rate fell to…
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What to watch Dollar General: Discount retailer Dollar General has added almost 40% to its share price in 2020, taking its market cap past the $50bn mark. Along with other discount retailers, Dollar General’s gains this year have been driven by consumers stocking up on staples, and turning to cheaper options in the face of…
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GOLD The gold price is little changed, continuing the slow dance seen in the last few days around $1,950. Bullion is waiting for new market drivers, as investors seem to have fully priced in the current scenario and the hyper-expansive monetary policies of central banks. Carlo Alberto De Casa – Chief analyst, ActivTrades OIL This week’s oil…
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