OPEC+ delays output cuts meeting until Thursday

Ross J Burland FXStreet

OPEC+ delays output cuts meeting is on hold until Thursday and agrees to wait until Tuesday to reach consensus with non-OPEC on 2021 oil output cuts policy.

Members were meeting in Vienna to discuss the market amid the uncertain economic backdrop.

The OPEC+ meeting has been rescheduled to Dec 3 as more talks are needed.

Market implications

Oil prices have been pressured as OPEC failed to reach an agreement on an extension of current production cuts.

''The recent positive news from vaccine trials has provided some hope that restrictions will ease and demand will start to recovery. However, Algerian energy minister, Abdelmajid Attar, who holds OPEC’s rotating presidency, said that the road to recovery may be long and bumpy,'' analysts at ANZ Bank explained.

''Signs of discord in the group were also evident, with Saudi Arabia apparently mulling resigning from its role as co-chair of the OPEC+ Joint Ministerial Monitoring Committee. While there was no producer who opposed extending cuts, they failed to reach agreement on the finer details.''

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.