Weekly data: Oil and Gold: Price review for the week ahead
By Antreas Themistokleous, Exness Market Analyst
AI summary of the source article
Financial markets are anticipating a range of economic indicators this week, notably the US Services PMI, German balance of trade, Canadian unemployment figures, and the FOMC meeting minutes. Oil prices softened as Saudi Arabia cut crude prices for Asian buyers amid recovering supply flows, G7 stockpile releases, and unchanged OPEC+ production quotas, despite ongoing Middle East geopolitical risks. Meanwhile, gold traded near $4,150 after recent declines, influenced by weak US employment figures that altered expectations around Federal Reserve interest rate policy, alongside technical pressure from elevated Treasury yields and a strong dollar.
Why it matters
The upcoming FOMC minutes and global economic indicators will guide interest rate expectations, influencing asset pricing across commodity, currency, and energy markets.
Key facts
- According to the Fedwatch tool, the probability of a Federal Reserve rate hold at the next meeting exceeds 80%.
- Saudi Arabia lowered November crude prices for Asian buyers as supply flows move closer to pre-war levels.
- OPEC+ agreed to keep its oil production quotas unchanged for November.