Commodities Daily - October 19, 2018
Oil ticks lower on downbeat stock market, but rebound is likely. US President Trump said yesterday that further details on the disappearance of a Saudi journalist could emerge by the end of the week, and we think this could trigger a speculative rally in Brent, as investors could start pricing in economic sanctions on Saudi Arabia. A reported increase in China's daily crude processing rate in September and positive sentiment on equity markets this morning are also providing support, and we expect Brent to pass back above $80/bbl later today.Gold prices remain elevated despite stronger dollar and high UST yields. Today's calendar is light. We expect gold to remain near the current $1,225/oz level, with some support likely later in the day as details about the disappearance of the Saudi journalist are expected to emerge.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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