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COMMODITIES: Crude Declines Amid Stronger USD, Gold Steady

COMMODITIES
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  • Crude futures are softer on the day and on the week, as OPEC+ still plans to bring back supplies to the market, albeit delayed as expected.
  • Concerns that supply will still outstrip demand weighed on prices further, while a stronger US dollar also added pressure.
  • The global oil market faces a heavy surplus in 2025 with an oversupply of more than 1mb/d, according to Macquarie.
  • WTI Jan 25 is down by 1.3% at $67.4/bbl.
  • The move narrows the gap to support at $65.74, the Oct 1 low.
  • Meanwhile, gold remained steady today, as US employment data kept the door open to another Fed interest rate cut later this month.
  • Spot gold is up by 0.1% to $2,634/oz on Friday, leaving the yellow metal 0.3% lower on the week.
  • While gold continues to trade inside a range for now, the long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction.
  • Resistance to watch remains at $2,721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2,536.9, the Nov 14 low.
  • Silver has underperformed today, falling by 1.2% to $30.9/oz, to reduce total gains this week to +1.1%.
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  • Crude futures are softer on the day and on the week, as OPEC+ still plans to bring back supplies to the market, albeit delayed as expected.
  • Concerns that supply will still outstrip demand weighed on prices further, while a stronger US dollar also added pressure.
  • The global oil market faces a heavy surplus in 2025 with an oversupply of more than 1mb/d, according to Macquarie.
  • WTI Jan 25 is down by 1.3% at $67.4/bbl.
  • The move narrows the gap to support at $65.74, the Oct 1 low.
  • Meanwhile, gold remained steady today, as US employment data kept the door open to another Fed interest rate cut later this month.
  • Spot gold is up by 0.1% to $2,634/oz on Friday, leaving the yellow metal 0.3% lower on the week.
  • While gold continues to trade inside a range for now, the long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction.
  • Resistance to watch remains at $2,721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2,536.9, the Nov 14 low.
  • Silver has underperformed today, falling by 1.2% to $30.9/oz, to reduce total gains this week to +1.1%.