Oil continues to decline on Tuesday, although the group of oil producing countries OPEC has not yet succeeded in reaching an agreement on their production levels for the coming months. For the January Nymex contract, the price of U.S. light crude (WTI) fell 1.7 percent to $44.55 a barrel, while the Brent contract for delivery in January declined 1 percent to $47.45.
In November, in the expectation of a rebound in crude demand in 2021, but also an expansion of the OPEC supply cuts, WTI’s share price soared by more than 26 percent and Brent picked up 27 percent. The representatives of the OPEC are however, divided on whether these steps should be extended past 31 December. The extended meeting of the OPEP allies, scheduled for Tuesday, is now scheduled for Thursday after the OPEC meeting on Monday, in order to give time for negotiations.
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According to sources close to the discussions, the United Arab Emirates would demand that all participating countries completely honor their share of the pledge before prolonging the reduction in production, while Russia would prefer to gradually increase production as early as January.
After falling nearly 5 percent in six sessions to a five-month low, gold rebounded sharply on Tuesday. For the February Comex futures contract, the yellow metal ounce picked up 2.1 percent to $1,818.90, benefiting from cheap imports and a sharp fall in the dollar, which makes purchases of gold cheaper.
The euro soared 1.2% to $1,2071 on Tuesday, the highest in more than two and a half years, while the dollar index, which tests its evolution against a basket of six currencies (euro, sterling pound, yen, Swiss franc, Canadian dollar and Swedish kronor) dropped 0.74% to 91.19 points, the lowest since April 2018. The yield on the 10-year T-Bond in the U.S. government bond market bounced 7 basis points to 0.91 percent.