|Day's range||58.23 - 59.25|
Israel pitched to India this weekend its idea of a new transportation corridor in the Middle East bypassing the most critical oil chokepoint in the world
Based on the early trade and the current price at 27989, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 28037.
Bakkt’s new options and cash-settled bitcoin futures products have just gone live, joining its three-month-old physical futures contracts.
The recent production cut of 500,000 BPD from the OPEC+ group is set to result in total output cut of 1.7 million BPD, which represents 1.7% of global demand.
Based on the early price action, and the current price at 97.625, the direction of the December U.S. Dollar Index the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 97.745.
Aussie and Kiwi traders will get the opportunity to react to U.S. data on consumer inflation and retail sales, however, these reports are not likely to change the Fed’s view on the economy.
Malaysian palm oil futures extended gains for a fifth straight session on Monday and hit a two-year high, on fears that supply is set to fall sharply. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was up 1.3% at 2,896 ringgit ($694.48) per tonne in early trade, the highest price since Feb. 16, 2017. A Reuters poll on Thursday forecast Malaysian palm oil production would show a 10% monthly fall in November, but traders said they now expect it to fall as much as 13%, driving prices higher.
Investing.com - Oil prices dropped on Monday in Asia but are still near 12-week highs after OPEC+ agreed to bigger output cuts than expected.
Iranian Oil Minister Bijan Zanganeh said that the Islamic Republic would not agree to any cuts in the future, once the sanctions are removed
OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.
Venezuela's government and opposition have discussed allowing private companies in joint ventures with state oil company PDVSA to operate oil fields themselves, reversing a longstanding requirement that PDVSA control such operations, three people familiar with the talks said. While a similar move last year letting little-known companies operate some fields wholly-owned by PDVSA has not helped increase production, the sources said this proposal was more promising since the joint ventures with oil majors like Chevron Corp , Russia's Rosneft and state energy group China National Petroleum Corp (CNPC) control Venezuela's largest oil fields.
Based on the early price action and the current price at 27879, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Friday is likely to be determined by trader reaction to the short-term Fibonacci level at 27859.
Based on the early price action and the current price at 3138.00, the direction of the December E-mini S&P; 500 Index the rest of the session on Friday is likely to be determined by trader reaction to the Fibonacci level at 3124.25.
After sharp gains earlier in the week, crude prices have leveled off. We could see some movement in the North American session, with the release of U.S. employment data at 15:30 GMT.
Oil prices rose on Friday and were on track for weekly gains as a meeting of OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020. The additional cuts by the Organization of the Petroleum Exporting Countries and allies including Russia - a grouping known as OPEC+ - will last throughout the first quarter. The group will meet again in early March for an extraordinary meeting to set its policy.
Investing.com - Oil prices fell on Friday in Asia even afterthe Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to increase output cuts by nearly 50% in early 2020.
Silver futures in the March contract is currently trading higher by 12 cents at 17.03 an ounce reversing some of the steep losses that we witnessed in yesterday’s trade as this market continues to flip flop on a daily basis still stuck in a 4 week tight consolidation pattern.