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The Commodities Feed: USD supports the complex
The oil market managed further gains yesterday. ICE Brent settled 2.12% higher on the day. Growing expectations that we will see some action taken by OPEC+ at their upcoming meeting this weekend are providing support. Speculators will not want to go into this weekend with sizeable short positions. Given expectations, we will likely have to see at least Saudi Arabia rolling over their additional voluntary cut into 2024. Rising geopolitical tension provided a further boost to the market with an Israeli-owned ship taken by Houthi rebels, who are backed by Iran. The Houthis have said that Israeli ships will continue to ... (full story)
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- Posted: Nov 20, 2023 10:05pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,080
