EnergyCrude oil prices ended lower after comments from Iran minister stating that there exist divisions within the OPEC but the disruption after force majeure on exports in Libya from its largest oilfield on Sunday after tribesmen and state security guards seized the facility provided some support to prices. Markets turned bearish after data from EIA which showed that U.S. crude inventories fell by 1.2 mb/d compared to expectations of 3 mb/d. Gasoline stocks rose by 2.1 million barrels, compared with expectations for a 2.5 million-barrel gain.
BullionsPrecious metals prices have been surging sharply over the last week and the trend continues for this week as well. Gold held steady near a five-month peak yesterday as expectations for fewer interest rate hikes by U.S. Fed next year supported the non-yielding precious metal.
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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