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Diplomatic tension because of the OPEC+ decision to cut oil supplies

News Date: 6/10/2022 05:42:21
 

Concerns about a lack of oil production and rising inflation have multiplied, after OPEC + announced the largest supply cut since 2020 before the European Union banned Russian energy, which caused a diplomatic row between the Saudi-backed group and other Western countries, which fear that a rise in Energy prices to harm the global economy.

 

The levels of the US dollar fluctuated during today’s session, with investors looking forward to the employment and inflation data. To settle at 111 levels, an increase of approximately 0.14%.

 

 During the Asian session, gold futures were up 0.58%, trading at $1,730.75 an ounce at the time of wdeliver

It was previously traded high at $1,732.75 an ounce.

 

Silver futures contracts for December delivery also rose by 0.95% to $20.74 an ounce.

 

Among the most  factors supporting the progress of gold : the decline in US Treasury yields, as they fell for 10 years.

 

As for oil prices, they started today’s trading in a state of doubt, despite the strong rally yesterday, Wednesday ; By the end of trading yesterday, the prices of the benchmark Brent contracts rose by 1.7 percent to reach 93.37 dollars a barrel, while the West Texas contracts rose by 1.4 percent to 87.76. dollars per barrel.

 

 « Goldman Sachs » raised its estimates of the growth of the US economy in the third quarter of this year, and the bank said that it expects GDP growth of 1.9 percent during the last three months of the year.

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