Commodities Daily - October 24, 2018
Oil prices plunge on Saudi pledge to tackle supply shortfall and the recent fragility of global stock markets. The fragility of global stock markets and the dollar's advance this morning have been weighing on oil prices today. We expect Brent to slide below $75/bbl before surging on bullish EIA data. If, however, the strong speculative bearish run continues (we see this as unlikely), the next support level for Brent will be near $74/bbl.Gold price rally eases as dollar strengthens. We expect the dollar to strengthen further today on upbeat US PMI data. It has already been advancing this morning on weakness in the euro. Today is therefore shaping up to be negative for gold, and we expect gold prices to retreat below $1,230/oz.
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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