Phil Carr
The Gold & Silver Club
Oil prices rose more than 2% on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia, while optimism surrounding the U.S.-China trade war lifted sentiment.
The United States and China agreed on Friday to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalized.
Meanwhile the biggest U.S. banks are expected to kick off the earnings season on a sour note next week due to falling interest rates and the dollar dropped to a three-month low on Friday, as risk sentiment improved on optimism about U.S.-China trade negotiations as well as increased chances for an orderly British exit from the European Union.
Hedge funds and money managers raised their bullish positions in COMEX gold and silver contracts in the latest week and cut their net long U.S. crude futures and options positions.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions:
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