Commodities: oil on the way down on OPEC fall-out? - ANZ
|Analysts at ANZ offered a snapshot of the commodities sector.
Key Quotes:
"Energy prices continued their recent fall, with spot oil futures down 1.2-1.3% as speculation mounts that OPEC won’t reduce supply.
Both WTI and Brent crude were lower on the session.
This dragged down the broader energy complex, with natural gas also closing down on the day. In metals, gold and other precious metals rebounded some of yesterday’s losses despite the more hawkish discussion from the FOMC about a December rate hike which is now priced at 70%.
In the softs and agricultural sector, prices were lower for corn, soybeans, and meats, but cotton continued to rise."
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