How long will OPEC+ tolerate these oil prices?
Oil prices are slipping a little again on Thursday after running into resistance around the December to March lows earlier in the week. This is similar to what we were seeing prior to the OPEC+ intervention last month and with a little under a month to go until the next, we may see it settle below that range.
Whether the group will tolerate these levels is another thing, especially if we see the lows around $70 in Brent tested again. They've been keen to send strong messages before and you wouldn't put it past them to send another so soon after the last.
New gold records on hold for now?
Gold's quest for new records may be on hold for now after recent inflation data failed to give it the kind of boost some may have hoped for. The rally was already running on fumes so something more significant than we've seen was always likely to be needed. A Fed pause now looks all-but-done in June but traders are thinking beyond that to when the central bank can feasibly justify reversing course. The next couple of months will be key on that front but a slight softening in inflation and a tick higher in jobless claims hasn't done that any harm.
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