Market Pulse - Commodities
OPEC members reach agreement to cut oil production to 32.5m barrels per day
A meeting of the Organisation of Petroleum Exporting Countries in Vienna has led to an agreement to cut oil production levels to 32. 5m barrels per day, reducing output by 1. 2m barrels per day.
Oil surges 6% as Saudi and Iranian ministers optimistic about OPEC deal
Oil prices shot up 6% on Wednesday after noises from the meeting of the Organization of Petroleum Exporting Countries suggested that an agreement to cut production levels was afoot.
Commodities: Oil futures fall back, lead in the spotlight
The commodities complex was broadly lower amid sharp drops for copper and oil, with remarks from Iran´s Energy Minister weighing on the latter.
Big car-makers to install European network of vehicle charging ports
Ford Motor, Volkswagen and BMW are planning to introduce car charging ports throughout Europe in anticipation of a rise in electric vehicles over the next four years.
Brent oil futures drop after Iran says it will not cut output
Crude oil futures continued to be buffeted about by the sometimes conflicting remarks by energy ministers from the world´s main producers ahead of the Organisation of Petroleum Exporting Countries´s Energy ministers´meetings scheduled for the next day.
Commodities: Crude futures surge on Opec cap hopes amid volatility expectations
Crude oil futures are on the front foot on Monday afternoon as traders continue to ponder the likelihood of whether cartel Opec will introduce a production cap when it meets on 30 November in Vienna.
Saudi Arabia will not attend OPEC technical meeting
Saudi Arabia would not attend a technical meeting between the Organisation of Petroleum Exporting Countries and non-member countries, insisting instead on the need to focus on a deal between members of the cartel first.
Commodities: Crude futures mildly ahead in subdued Thanksgiving trade
Crude-oil futures were appreciating mildly on Thursday afternoon with the Thanksgiving holiday in the US resulting in overall subdued activity across the commodities boards.
Russia reiterates willingness to freeze its oil output ahead of technical meeting
Russia reiterated that it was willing to freeze its oil production in 2017, but cast a degree of doubt on its willingness to actually cut output ahead of a technical meeting between OPEC and non-member countries to try and reach an agreement.
US oil rigs increase by four in latest week, Baker Hughes says
The number of oil rigs in operation in the States climbed for a fourth consecutive week as crude oil futures held their ground, the results of the most widely-followed survey of activity in the sector revealed.
US oil stockpiles see unexpected drop in latest week
Stockpiles of crude oil in the US shrank unexpectedly during the latest reference week, albeit alongside a large drop in purchases from overseas.
Commodities: Iraq willing to bear a portion of OPEC production cuts
Big gains in energy futures outside of crude oil and for copper pushed the complex higher even in the face of US dollar strength.
OPEC postpones decision on Iran, Iraq output cuts until 30 November
A technical meeting of OPEC delegates decided to defer a decision regarding output cuts for Iran and Iraq until the cartel´s next ordinary meeting scheduled for 30 November, in Vienna, Bloomberg reported.
Commodities: Crude softens as market cautious on OPEC cap hopes; industrial metals surge
Crude oil futures are softening on Tuesday afternoon as a note of caution sounded through the market relating to hopes cartel OPEC will introduce a production cap at its 30 November meeting in Vienna. Industrial metals flew higher.
WTI futures reverse course after Bloomberg report
Oil futures retreated in late afternoon trading following a report from Bloomberg, referencing 'sources', which indicated that Iran, Iraq and Indonesia had reservations regarding a proposed 4. 5% production cut for all members - except only Libya and Nigeria.
Sector movers: Steel-makers and miners pace gains
Renewed gains in the of bulk metals pushed Steel and Mining stocks higher for a second day.
Chinese economy accelerates for a sixth month, report says
Chinese economic growth accelerated for a sixth consecutive month in October, reaching its fastest pace in almost three years, according to an independent gauge of economic activity.
Brent futures continue advance as OPEC delegate says deal likely
Crude oil prices continued to gain altitude at a fast clip, helped by the continued positive news-flow surrounding a two-day technical meeting between delegates from the Organisation of the Petroleum Exporting Countries.
Trump vows to rip up TPP trade deal on first day of office
US president-elect Donald Trump has laid out his plans for the first 100 days in the Oval Office, promising to withdraw from the Trans Pacific Partnership trade agreement on his first day.
Sector movers: Miners and Big Oil lead advance, Goldman bullish
Commodity prices jumped at the start of the week, with crude oil futures climbing to three-week highs while copper futures bounced back after a retreat in the previous week that saw them trim their year-to-date gain to 18%.