Market Brief: Oil Unchanged as OPEC Rumors Fly

Matt Weller
By :  ,  Head of Market Research

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  • OPEC is reportedly considering cutting production by another 500k barrels per day until at least June, more than some analysts were anticipating. The cartel will make its formal decision public tomorrow.
  • Traders haven’t paid it much mind yet, but US Speaker Nancy Pelosi formally announced that the House of Representatives would be drafting articles of impeachment against President Trump.
  • US data: Initial Unemployment Claims printed at 203k, a better-than-expected reading that the 215k economists were anticipated. Traders are looking ahead to tomorrow’s marquee Non-Farm Payrolls report.
  • FX: The British pound was once again the strongest major currency, extending its gains against rivals. The Australian dollar was the weakest. Accordingly, GBP/AUD has rallied to its highest levels in nearly 3.5 years at 1.9260.
  • Commodities: Both gold and oil were flat on the day, despite OPEC rumors flying.
 
  • US indices closed modestly higher on a quiet day.
  • Financials (XLF) were the strongest major sector on the day; Energy (XLE) brought up the rear.

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