EnergyOPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output. In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces. Worried by a drop in oil prices and rising supplies, OPEC and its allies including Russia last week agreed to return to supply cuts next year.
BullionsGold prices ticked higher on Wednesday, hitting the best levels of the session after data showed that U.S. consumer price growth slowed in November. Comex gold futures were up $4, or about 0.3%, at $1,251.20 a troy ounce by 8:45 AM ET (13:45 GMT), not far from a five-month peak of $1,256.60 touched at the start of the week. Meanwhile, spot gold was trading at $1,246.28 per ounce, up $3.30, or 0.25%. The Labor Department said its consumer price index was unchanged from a month earlier, slowing from the 0.3% increase seen in October. Analysts had forecast a 0.1% increase. In the 12 months through November, consumer prices increased 2.2%, in line with forecasts and down from 2.5% in October.
Base metalBase metals lost some gains yesterday, as investors shrugged off upbeat comments from US President Trump about a potential trade deal with China, while the dollar hovered near a one-month peak against its peers.
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