Commodities were mixed in the previous session, with oil prices
higher, base metals mixed and gold largely unchanged.
Key Considerations:
“Oil prices were stronger, with WTI rising above
USD44/bbl. The market was encouraged by the potential for production caps from
Libya and Nigeria. News that a 24 July meeting in Russia to discuss the oil
market situation will include the two African producers was greeted with enthusiasm,
given their recent expansion in output.”
“Gold prices
were broadly unchanged after Friday’s strong US payrolls number sparked a
selloff in the precious metals sector.”
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