Year1
- g：
- 25g
- g：
- 28g
- g：
- 30g
As OPEC’s internal production reduction agreement is finally settled, the next focus of the oil market will be on the participation of non-OPEC countries. The OPEC and non-OPEC meeting will be held in Vienna on December 10, and there are currently 14 countries on the invitation list. Affected by this, the price of Brent oil rose to above US$55 per barrel, the highest since mid-2015.
The production reduction agreement expected to be implemented next year is only based on the oil production level at the end of 2016. The oversupply situation in the oil market may continue, which will be a reason that will continue to affect the oil market next year.
Oil prices continued to climb on Friday, recording their largest weekly percentage gain since January 2, 2009, according to Dow Jones data. The Organization of the Petroleum Exporting Countries (OPEC) previously reached an agreement to cut production to control the global supply glut that has weighed on oil prices for two years. In addition, it was reported last Friday that the United States extended sanctions on Iran to support oil prices, and the decline in the U.S. dollar index also supported oil prices. Oil prices have risen strongly since the OPEC agreement. On Monday, both Brent oil and U.S. oil rose to 16-month highs, with U.S. oil once breaking through the $52/barrel mark.
The Italian referendum failed and the Italian Prime Minister resigned. However, the greater impact this time is that the Italian economic recovery and the persistence of the debt crisis will increase in the later period. Compared with Britain's Brexit, Italy has not attracted the attention of the world this time. The domino effect does not seem to have much effect, and it will take time to see the rise in global safe-haven currency sentiment. At the same time, this will also support euro zone assets and even further strengthen global reflation expectations after the US election.
On Monday, gold fell back after a brief rise due to the positive comments from EU officials and expectations of the Federal Reserve raising interest rates. However, Federal Reserve official Bullard said in the morning that interest rates will only be raised once in 2019 and that interest rates are expected to remain at extremely low levels.
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