Commodities Daily - November 29, 2019
> Oil inches lower as OPEC signals no change to output cuts. Today, investors will eye the EIA's 914 report on US oil production in September. While US production growth is widely expected to begin slowing across all shale basins by the end of this year, today's report is very likely to show a second consecutive monthly increase in output and thus weigh on prices. The macro data calendar features a long list of GDP and CPI reports from around Europe. China's official manufacturing and services PMIs, as well as independent manufacturing PMIs, will be released over the weekend and will be a key driver when markets open on Monday. Today, we expect Brent to keep trading sideways within a $63-64/bbl range.> Gold prices stable, data from Europe and euro exchange rate in focus today. German retail sales for October have just been released - they slumped 1.9% versus the consensus forecast of 0.2% growth - while weak manufacturing data has also been unveiled from South Korea and Japan. Italian 3Q19 GDP, eurozone CPI and Canada's 3Q19 GDP are due today. We expect gold to hold within a range of $1,450-1,465/oz.
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