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Oil and gold rise

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Oil

Crude prices turned positive after Exxon noted that they see oil supplies tight as some producers pull back. The oil market is awaiting a couple of major events, both the FOMC decision and the OPEC+ meeting on output.

The EIA reported that cold weather made November US output dip for the first time since May. Oil output from the US seems like it won’t go up that much more so the oil market supply picture will hinge on what OPEC does. ​ This week, OPEC+ is expected to keep output steady as they assess how strong economic recovery comes out of China.

WTI crude looks like it might find a home below the $80 a barrel level until we see further progress with China’s high-frequency indicators.

Gold

Gold prices are rising after another round of economic data showed the labor market is cooling and the outlook for the economy remains weak. ​ Fed rate hike bets continue to get slashed as Wall Street grows confident that this wave of economic weakness will do the trick to get inflation below 4%. Bad economic news is once again good news for gold as it will continue to cement bets that a Fed pivot could happen by the end of the year.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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