Oil prices are rising on Wednesday, clawing back some of the losses from a day earlier that came following reports that OPEC+ is planning to suspend Russia from the quota system due to the sanctions against it and the EU embargo. The move could see output increase faster by other members that have the capacity to do so, most notably Saudi Arabia and the UAE, and alleviate some of the pressure in the oil market. Tomorrow’s meeting has suddenly gone from a likely non-event to the most hotly anticipated this week.
Gold gains along with USD and yields
Gold is up around half a percent despite the dollar performing well on the day and yields edging higher. The yellow metal fell back below USD 1,830 earlier in the session but has rallied strongly since to trade around USD 1,850 once more. This could be an encouraging sign, coming at a time when it was appearing to struggle to capitalise on the moves since mid-May. A move above USD 1,870 would further cement the recovery, at which point USD 1,900 will be key.
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