Commodities Daily - November 27, 2018
> Oil prices rise on positive stock market momentum despite Saudi production hitting all-time high. Given the lack of fundamental oil market data today, oil investors will continue eyeing the stock market and FX. Momentum in the dollar will be shaped by a speech by Fed Vice Chairman Richard Clarida (Chairman Powell to speak tomorrow). All in all, we think Brent will struggle to hold on to the $60/bbl mark today, hovering below it later in the day.> Gold trends lower after trading sideways; Fed vice chair scheduled to speak. The market will today be looking out for a speech by US Fed Vice Chairman Clarida (Fed Chair Powell will speak tomorrow). We expect gold to defend the $1,220/oz mark today.
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