Commodities Daily - September 9, 2019

> Oil up on Powell's dovish comments, upbeat Chinese oil import data and new Saudi energy minister's support for output cuts. This morning, Brent has climbed above $62/bbl, supported by upbeat Chinese oil import data for August and expectations that the new Saudi energy minister will stick with the kingdom's strategy for the oil market, which is aimed at achieving a market balance via output cuts. This week, investors will eye monthly EIA, OPEC and IEA reports as well as the OPEC+ ministerial committee meeting. Today, the calendar is rather empty for the oil market and we expect Brent to trade sideways within the $62-63/bbl range.> Gold trading sideways amid improved risk appetite, expectations of Fed rate cut this month. Investors will eye Brexit developments, as today the UK Parliament may be suspended, and a bill blocking a no-deal Brexit could become law, which would be supportive for risk sentiment in the short term. Against this backdrop, we see gold sliding below $1,500/oz, with $1,497/oz being the technical support level, according to technical analysis conducted by Reuters.