Commodities Daily - December 6, 2019

> Oil steady as investors await OPEC+ decision; US jobs report also on radar. Brent eventually settled yesterday at $63.39/bbl, fixing $0.39/bbl above the previous settlement. Apart from the OPEC+ meeting, investors will eye the November US jobs report (due at 16:30 Moscow time), which usually generates very high market volatility. We are inclined to think that the NFP number could beat expectations given the resolution of the GM strike and workers' returning. We think Brent will first attempt to break the $64/bbl threshold before sliding to the $62.6/bbl technical support level later in the day on the OPEC+ meeting results.> Gold prices are stable, US macro data in focus today. Yesterday throughout the day a number of contradictory statements were made about where things stand on the US and China reaching a phase one trade deal. However, no time frame for signing a deal was announced. US initial jobless claims and durable goods orders were mixed, with gold moving up to $1,478/oz as a result. If there is no news indicating that a trade deal is imminent, we think gold will continue to consolidate at around $1,475/oz.