Commodities Daily - December 17, 2018
> Oil slides on stronger dollar, weaker stocks amid stalemate in Libya. Today, market players will eye the release of the monthly EIA drilling productivity report (at around 21:00 Moscow time), which is likely to indicate that US tight oil production should rise m-o-m in January. We expect Brent to hold below $61/bbl. Also, Chinese President Xi Jinping will make a major speech early tomorrow morning (5:00 Moscow time) that is likely to be upbeat, inducing risk-on trading early in tomorrow's session, which would be positive for oil prices.> Gold trading sideways ahead of this week's FOMC meeting. Gold is trading in the $1,237-1,240/oz range following publication of US macro statistics on Friday. The dollar is robust, trading near an 18-month high, having gained about 0.7% against EM currencies and 0.5% against DM peers on Friday despite fears of a possible US government shutdown.
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