Commodities Daily - August 27, 2018
> Oil surges on several bullish developments; OPEC+ JTC meeting eyed. Today, investors will be eyeing the OPEC+ Joint Technical Committee (JTC) meeting, which they hope will provide clarity on Saudi Arabia's production and export strategy. Market players will also be on the lookout for headlines from a conference in Norway, where the IEA's Fatih Birol is set to speak. We expect Brent to remain supported above $75/bbl and consolidate within a $75-76/bbl range today, taking a breather after last week's rally.> Gold soars thanks to risk-on sentiment and weaker dollar after Powell's speech. Today, investors will be looking out for a NAFTA deal between the US and Mexico, though this is unlikely to rattle FX markets today. We expect gold prices to ease from recent highs but remain above $1,200/oz.
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