Commodities Daily - December 5, 2018
> Oil dips on stock market selloff and stronger US dollar; JMMC meeting eyed. Oil investors will eye various comments and headlines from Vienna today, as the Joint Ministerial Monitoring Committee is scheduled to meet. The market is also eager to see whether the current Saudi-Russia impasse (both sides are reportedly playing tough) will be resolved. We are inclined to think that the sides will indeed reach a consensus that will be positive for the oil price and that Brent will return to $63/bbl today, although trading will be thin due to the US holiday.> Gold holds on to gains despite sharp dollar appreciation amid risk-off sentiment. As our FX team noted today, risk sentiment improved a bit overnight, as China called the Xi-Trump meeting very successful and it was reported that China plans to restart imports of US soybeans and LNG. Given the mixed signals and the day off in the US, we do not expect a clear dynamic in risk sentiment today, with the dollar and gold likely staying flat.
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