OPEC countries unanimously support extension of oil output cuts – TASS

Eren Sengezer FXStreet

The Petroleum Exporting Countries (OPEC) unanimously support an extension to the agreement on the reduction of oil output after March 2020 and continue to discuss whether a three or a six-month extension is needed, Russian news agency TASS reported on Tuesday, citing three sources familiar with talks.

"The extension of the agreement after March is the least we can do. But most likely we will not increase the reduction volume," one source told TASS and added that a six-month extension was one of the options while saying a three-month extension was more likely.

Crude oil prices edged lower on these remarks and the barrel of West Texas Intermediate was last seen trading at $58.05, still up 0.35% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.