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Showing posts with label Intraday commodity tips. Show all posts
Showing posts with label Intraday commodity tips. Show all posts

Tuesday, 25 December 2018



BULLION:-

Gold rose 1 percent to scale a six-month peak on Monday as sliding stock markets and concerns about a global economic slowdown sapped risk sentiment, driving investors to seek safety in the precious metal. "Gold has continued to be firm here in the course of equity market weakness and an ongoing bevy of factors that are concerns for the market such as trade wars, interest rate hikes and others," said David Merge, director of metals trading at High Ridge Futures. Global stocks continued their downward trend for the seventh straight session as possibilities of a prolonged U.S. government shutdown and a deteriorating global economy unnerved investors. The dollar was pressured amid concerns that the U.S. Federal Reserve will keep raising rates into a weakening economy. USD/ the Fed are going to continue its aggressive stance, then our economy will slow down and a recession is a possibility. There is just so much negative news, that I cannot see gold do anything but go up," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals. Gold, seen as a safe investment during political and financial uncertainties, has risen over 9 percent from a 19-month low of $1,159.96 in mid-August.

METALS:-

London copper extended its losses to end at $5,959/mt on Monday and touched a three-month low of $5,941/mt during American trading hours. The SHFE 1902 contract fluctuated to end at 48,020 yuan/mt overnight. Most markets will shut for Christmas today, and SHFE copper is expected to continue to hover at lows with most transactions at 47,850-48,250 yuan/mt.As oil prices declined, LME nickel relinquished earlier gains to close flat at $10,875/mt on Monday. The SHFE 1905 contract edged down to close at 90,030 yuan/mt overnight. Investors were cautious overnight, with trading volumes thinning. SHFE nickel is expected to trade range bound today as the year-end eroded trading enthusiasm among investors. The SHFE 1905 contract is likely to trade between the five- and 10-day moving averages today with a range of 89,900-90,500 yuan/mt. Spot prices are seen at 90,500-93,500 yuan/mt.

ENERGY:-

Oil prices plunged more than 6 per cent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market.US crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40 per cent in the fourth quarter. What happening in the stock market is raising fears that the economy is grinding to a halt and thereby will basically kill any future oil demand,  said Phil Flynn, an analyst at Price Futures Group in Chicago. They repricing in a slowdown in the economy if not a recession with this drop.  The fourth-quarter price decline is likely to cause producers to throttle back on their output, he said. A gauge of stocks worldwide hurtled toward an eighth straight decline on Monday as investors ignored the US Treasury secretary actions to reinforce confidence in the economy and US President Donald Trump criticized the Federal Reserve as the only problem our economy has. 


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Wednesday, 19 December 2018



BULLION:-

Gold steadied on Thursday, after declining about half a percent in the previous session as the U.S. Federal Reserve did not deliver as dovish a statement as some investors had expected. The Fed raised interest rates on Wednesday and noted that "some" rate hikes would be needed next year, a more aggressive stance than many expected. In a news conference, Fed Chairman Jerome Powell said the central bank would continue trimming its balance sheet by $50 billion each month, leaving open the possibility that continued strong data could force it to raise rates to the point where they start to brake the economy's momentum. U.S. benchmark Treasury yields fell to more than eight-month lows on Wednesday following Powell's statement, which spurred safety buying of U.S. government debt. Most banking, insurance and other financial firms in Britain would be cut off from the European Union if there is a no-deal Brexit, the bloc's executive body said on Wednesday. Italy's two-year bond yield hit its lowest in almost seven months on Wednesday, following news that Italy had reached a deal over its 2019 budget with the European Commission.

METALS:-

As shorts covered their positions after the US dollar index fell, LME copper crept to close at $6,065/mt on Wednesday. The SHFE 1902 contract rebounded to close at 48,440 yuan/mt overnight from a low of 48,140 yuan/mt. LME copper is expected to trade at $6,010-6,070/mt today and the SHFE 1902 contract is likely to trade at 48,200-48,500 yuan/mt. Spot premiums are seen at 20-120 yuan/mt.London nickel climbed to close at $10,980/mt on Wednesday. Its SHFE counterpart also gained overnight, as shorts aggressively cut their positions, ending at 90,200 yuan/mt. LME nickel is expected to hover around $10,900/mt today with the SHFE 1905 contract at 89,000-90,500 yuan/mt. Spot prices are seen at 89,500-96,000 yuan/mt.

ENERGY:-

Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. "Wednesday's recovery was short-covering. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC's pledge to curb production," said Xi Jiarui, chief oil analyst at consultancy JLC. The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices. Oil prices are down more than 30 percent from peaks seen in October. But the cuts will not happen until next month and production has been at or near record highs in the United States, Russia and Saudi Arabia. Saudi Arabia's energy minister, Khalid al-Falih, said he expected global oil stocks to fall by the end of the first quarter, but added that the market remained vulnerable to political and economic factors as well as speculation.


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Tuesday, 18 December 2018



BULLION:-

Gold prices edged higher to a more than five-month peak on Wednesday as a softer dollar supported the bullion while investor awaited cues on the rate hike trajectory of the U.S. central bank from its two-day policy meeting. Spot gold XAU= was up 0.1 percent at $1,250.20 per ounce, as of 0405 GMT, after hitting its highest since July 11 at $1,251.06 earlier in the session. "The market is largely in a holding pattern as everyone is focusing on the FOMC (Federal Open Market Committee) meeting... We see prices largely range-bound," said Benjamin Lu, a commodities analyst with Phillip Futures in Singapore. The Federal Reserve is widely expected to raise interest rates for the fourth time this year, but weak stock markets and slowing global growth may prompt it to tone down its stance on monetary tightening. If it sounds dovish, prices should consolidate and hold at $1,256 and if it breaks that we might see prices going much further to $1,265, Lu added. Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar, in which it is priced.

METALS:-

Following the slump in oil prices, both LME and SHFE copper tumbled overnight. LME copper fell past all short-term moving averages to end at $5,956/mt. As shorts aggressively added their bets, the SHFE 1902 contract saw losses accelerate in later trades of overnight and ended at 48,090 yuan/mt. We do not expect a substantial rebound in copper prices today. LME copper is likely to trade at $5,950-6,040/mt with the SHFE 1902 contract at 48,000-48,500 yuan/mt. Spot premiums are seen up to 80 yuan/mt. London nickel tumbled during later trades of Tuesday and closed at $10,840/mt. The SHFE 1905 contract slumped to close at 89,150 yuan/mt overnight as longs took profits after the contract climbed to a high of 91,380 yuan/mt. A widely expected Fed interest rate hike, fears of slowing global economic growth and downbeat economic data are likely to continue to weigh on LME nickel today. The SHFE 1905 contract is expected to trade at 88,500-90,000 yuan/mt with spot prices at 89,000-96,000 yuan/mt.

ENERGY:-

Oil prices rebounded on Wednesday after falling for the past three sessions with worries about oversupply and a slowing global economy keeping markets under pressure though sentiment may be shifting as falling equity markets seemed to stabilize. WTI prices are holding as "traders look for some solace in U.S. equity markets as risk sentiment appears to be stabilizing," said Stephen Innes, head of trading for Asia-Pacific at OANDA. "But we are far removed from any bullish flip in investor sentiment." Further adding to the oversupply concerns, the American Petroleum Institute said on Tuesday U.S. crude stocks rose unexpectedly last week, while gasoline inventories increased. If the build in crude stockpiles is confirmed by U.S. government data Wednesday, it will be the first increase in three weeks. EIA/S analysts said that upcoming output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) had so far failed to stimulate the market as they were not due to kick in until next month.



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Thursday, 13 December 2018



BULLION:-

Gold prices steadied on Friday, after slipping to a week-low in the previous session, supported by the uncertainty around the Federal Reserve's next year's policy outlook, while the dollar strengthened on expectations of a rate hike next week. The dollar firmed against major counterparts as investor focus shifted to an expected U.S. interest rate hike next week, although gains are likely to be capped on greater uncertainty about next year's policy outlook. Asian shares were on the defensive as investors kept a wary eye on economic tensions between Washington and Beijing, while the euro was steady after the European Central Bank halted new bond purchases as expected. The number of Americans filing applications for jobless benefits tumbled to near a 49-year low last week, which could ease concerns about a slowdown in the labour market and economy. The risk of a U.S. recession in the next two years has risen to 40 per cent, according to a Reuterâ poll of economists who also found a significant shift in expectations toward fewer Federal Reserve interest rate rises next year. European Union leaders assured Prime Minister Theresa May on Thursday that the Brexit treaty she agreed last month but is struggling to get through UK parliament should not bind Britain forever to EU rules.


METALS:-

London copper pared earlier gains to close at $6,153/mt on Thursday. The SHFE 1902 contract came off from a high of 49,440 yuan/mt overnight, ending at 49,260 yuan/mt. As the US dollar strengthened, copper prices are expected to remain range bound at lows today. LME copper is likely to trade at $6,150-6,200/mt with the SHFE 1902 contract at 49,000-49,500 yuan/mt. Spot premiums are seen lower at 20-70 yuan/mt.London nickel initially fell to a low of $10,725/mt, just above the year-low of $10,720/mt on November 27. It then clawed back those losses to close 0.6% higher at $10,850/mt. The SHFE 1905 contract fluctuated to close 0.4% higher at 89,380 yuan/mt overnight. Market focus is largely attuned to the fundamentals as investors await an upcoming two-day meeting of the Federal Open Market Committee (FOMC), which is scheduled to take place on December 18-19. The recent improvement in spot trades limited losses in nickel prices. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt.

ENERGY:-

Oil prices fell on Friday as investors cashed in gains of more than 2 percent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices. China, the world's second-largest economy and the largest crude importer, on Friday reported some of the slowest retail sales and industrial output growth in years for November, highlighting the risks of the country's trade dispute with the United States. Refinery throughput in November in China fell from October, which was the second-highest month on record, suggesting an easing in Chinese oil demand, though runs were 2.9 percent higher than a year earlier. Some support for prices remains because of the output cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia. That could create a supply deficit by the second quarter of next year, the International Energy Agency (IEA) said on Thursday. International benchmark Brent crude rose 2.2 percent on Thursday, while WTI climbed 2.8 percent.


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Tuesday, 11 December 2018


BULLION:-

Gold prices were steady early on Wednesday, supported by expectations of fewer rate hikes by the U.S. Federal Reserve next year, while palladium traded at a premium to gold. The dollar held near a one-month high against its peers on Wednesday, supported by a rebound in U.S. yields and weakness of the pound as its battering from uncertainty about Brexit continued. Asian stock markets edged ahead as U.S. President Donald trump sounded upbeat about a trade deal with China. China has agreed to cut tariffs on U.S.-built cars and auto parts to 15 percent from the current 40 percent, a Trump administration official said on Tuesday, setting the stage for new talks aimed at easing the bitter trade war between the world's two largest economies. U.S. producer prices unexpectedly rose in November as increases in the costs for services offset a sharp decline for energy products, but the overall momentum in wholesale inflation appears to be slowing. An attempt to oust British Prime Minister Theresa May gathered pace on Tuesday, a day after her decision to delay a vote in parliament on her Brexit deal for fear of a rout angered many in her Conservative Party. One of the International Monetary Fund's top officials warned on Tuesday that storm clouds were gathering over the global economy and that governments and central banks might not be well-equipped to cope.

METALS:-

Short-covering pushed LME copper to the day’s highs of $6,194.5/mt on tuesday. The contract relinquished some gains to close at $6,146/mt as the US dollar gained. The SHFE 1902 contract climbed to a high of 49,370 yuan/mt overnight after a higher open. It came off to close at 49,240 yuan/mt. We expect upward momentum in copper prices to wane today. LME copper is expected to trade at $6,120-6,170/mt with the SHFE 1902 contract at 49,000-49,400 yuan/mt. Spot premiums are seen at 80-220 yuan/mt. As the US dollar surged, LME nickel tumbled to close lower at $10,745/mt overnight, down from the day’s highs of $10,945/mt. The rebound in the dollar also weighed the SHFE 1905 contract overnight. The contract came off from a high of 89,940 yuan/mt to fall into the red, ending at 88,830 yuan/mt. LME nickel is expected to hover around $10,800/mt today with the SHFE 1905 contract at 88,500-90,000 yuan/mt. Spot prices are seen at 89,000-96,500 yuan/mt.

ENERGY:-

Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilise markets as well as hopes that long-running Sino-American trade tensions could ease. Disruptions to Libyan oil exports after local militia seized the country's biggest oil field, El Sharara, were also buoying prices, traders said. The higher prices came amid a broader increase in Asian stock markets after U.S. President Donald Trump told Reuters in an interview that trade talks with China were taking place to defuse the trade disputes between the world's two biggest economies. To oil markets was a decision by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia last week to cut supply by 1.2 million barrels per day (bpd). Crude prices had lost a third of their value between early October and the announcement of the cuts.


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Thursday, 6 December 2018


BULLION:-

Gold prices rose slightly on Friday and were headed for their best week in 15, as the dollar weakened following a decline in U.S. Treasury yields, while investors awaited U.S. nonfarm payroll data for clues about the health of the world's top economy. Atlanta Federal Reserve bank president Raphael Bostic on Thursday said he felt the Fed should continue raising rates towards a "neutral" level, noting that despite recent market volatility and increasing uncertainty, he did not see "any indications of a material weakening in the macroeconomic data at the moment." The U.S. economy is "performing very well overall," Federal Reserve Chairman Jerome Powell said, capping a week of widespread market nervousness with a reminder that the U.S. economy continues to expand. Asian share markets tried to find their footing on Friday as speculation the Federal Reserve might be "one-and-done" with U.S. rate hikes helped salve some wounds after a punishing week.

METALS:-

London copper slid to a low of $6,080/mt on Thursday as shorts added their positions after the contract climbed to a high of $6,120.5/mt. LME copper later rebounded to end at $6,134.5/mt. After opening in the red, the SHFE 1902 contract fluctuated overnight and closed at 48,950 yuan/mt. As both LME and SHFE copper have fallen below all short-term moving averages, copper prices are expected to remain weak and trade range bound at lows today. LME copper is likely to trade at $6,080-6,120/mt today with the SHFE 1902 contract at 48,600-49,000 yuan/mt. Spot premiums are seen at 120-320 yuan/mt. London nickel slumped on Thursday and ended at $10,860/mt. After opening lower, the SHFE 1901 contract fell to 88,640 yuan/mt overnight as shorts added and longs cut their bets. It clawed back some losses in later trades and closed at 89,010 yuan/mt. With worries over an escalation in the US-China trade tensions on Huawei CFO arrest, We expect LME nickel to weaken when hovering around $10,900/mt today and the SHFE 1901 contract to trade at 88,500-90,000 yuan/mt. Spot prices are seen at 88,500-98,000 yuan/mt.

ENERGY:-

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. The declines came after crude slumped by almost 3 percent the previous day, with the Organization of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.Has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. "We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note. Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.


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Wednesday, 5 December 2018



BULLION:-

U.S. stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States. MKTS/GLOB The dollar, which has enjoyed an unrivalled surge against its peers this year, will be undermined in 2019 on increasing concerns about slowing U.S. economic growth, a Reuters poll of foreign exchange strategists showed. Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy. China expressed confidence on Wednesday that it can reach a trade deal with the United States, a sentiment echoed by U.S. President Donald Trump a day after he warned of more tariffs if the two sides could not resolve their differences.

METALS:-

London copper rebounded to close at $6,193.5/mt overnight as shorts cut their bets after the contract fell to a low of $6,158.5/mt. LME copper snapped a four-day losing streak and came under pressure at the five- and 10-day moving averages. With a lower open, the SHFE 1902 contract fluctuated to close at 49,310 yuan/mt overnight. This lowered it below all short-term moving averages and the middle Bollinger band. Open interest for the SHFE copper complex decreased below 500,000 lots, reflecting limited confidence among investors. LME copper is expected to trade at $6,140-6,190/mt today with the SHFE 1902 contract at 49,100-49,400 yuan/mt. Spot premiums are seen at 130-300 yuan/mt. In the physical market, sellers were reluctant to offload cargoes and these tightened supplies across the market. London nickel rebounded from earlier lows and closed at $11,220/mt overnight. After initially falling to a low of 90,250 yuan/mt, the SHFE 1901 contract clawed back losses and ended at 91,250 yuan/mt overnight. Investors remained cautious on lingering concerns over US-China trade.  

ENERGY:-


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy. Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd). Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption. PRODN-TOTAL C-RU-OUT C-OUT-T-EIA.

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Thursday, 29 November 2018


Bullion:-

Gold prices were flat early on Friday as the dollar steadied ahead of the G20 meet in Argentina this weekend, where US and Chinese leaders are scheduled to discuss trade matters after months of tensions. Spot gold was flat at $1,223.77 per ounce at 0126 GMT. Prices had hit a one-week high of $1,228.96 per ounce on Thursday. US gold futures were down 0.2 per cent at $1,221.6 per ounce. Palladium was up about 0.2 per cent at $1,183.20 per ounce after hitting a record high of $1,190 earlier in the session. The metal was on track to mark its best month since December 2017. US trade restrictions have hit a total of $369 billion of Chinese exports this year, much higher than the $278 billion of goods impacted by tariffs alone, a regular monitoring report of G20 trade restrictions said on Thursday. 

Metals:-

The SHFE 1902 contract came off after it rose twice above the daily moving average as the market remained cautious ahead of the G20 meeting on Friday and Saturday. It closed at 49,530 yuan/mt, with open interests losing 3,242 lots. LME copper unsuccessfully tested support at the daily moving average as longs exited the market. With support at the 40-day moving average, it is expected to trade at $6,200-6,240/mt, with its SHFE counterpart at 49,400-49,800 yuan/mt. Spot premiums are seen firm at 90-150 yuan/mt on the last trading day for products with a November invoice. The SHFE nickel 1901 contract led increases among base metals, closing 1.47% higher overnight, with its LME counterpart rising 1.33%, even as the US dollar recovered. We expect LME nickel to hover around $10,900 /mt, with the contract trading at 89,000-91,000 yuan/mt today. Spot prices are seen at 90,000-100,000 yuan/mt today.

Energy:-

Oil prices firmed on Friday on expectations that OPEC and Russia will agree some form of production cuts next week, although swelling U.S. supplies kept markets in check. Despite the firmer prices, crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the United States, Russia and by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC). To rein in the glut, OPEC and its main partner Russia are moving closer to an agreement around further production cuts. Bank said on Friday that oil prices were rebounding "as signs that OPEC+ was moving closer to an agreement around further production cuts." The producer group plus non-OPEC member Russia will gather on Dec. 6 and 7 in Vienna to discuss output policy. Before that, the world's top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting of the Group of 20 industrialized nations in Buenos Aires, Argentina, this weekend.



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Monday, 26 November 2018


BULLION:-

Gold prices inched lower on Tuesday as the dollar steadied amid fears of a slowdown in global economic growth and increasing pessimism due to a likely worsening of U.S-China trade dispute ahead of the G20 meet. Asian shares battled to extend a global rebound on Tuesday after U.S. President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to slap tariffs on all remaining imports from China. Prime Minister Theresa May warned on Monday that Britain would be thrust into the unknown if parliament rejects the Brexit deal she has negotiated with the European Union, as lawmakers from all sides lined up to criticize the agreement. The euro zone has lost some growth momentum but this was mostly normal and not enough to derail plans by the European Central Bank to dial back stimulus further, ECB President Mario Draghi and two of his top lieutenants said on Monday.

METALS:-

London copper received support at the 20- and 60-day moving averages, after it tested support at $6,155/mt several times overnight as the US dollar strengthened. It settled 0.07% higher on the day and may trade at $6,160-6,210/mt today. The SHFE 1901 contract rallied from a low of 48,650 yuan/mt, but failed to stand above the Bollinger middle band. It closed at 49,290 yuan/mt, with open interests up 7,934 lots to 527,000 lots. A technical rebound is expected in the contract in the short run. It will trade at 48,900-49,400 yuan/mt today, with spot premiums firm at 60-130 yuan/mt. A buoyant mood ahead of this week's G-20 summit in Argentina bolstered LME nickel and the SHFE 1901 contract on the day. A stronger US dollar on expectations of further interest rate hikes limited the increase. We expect LME nickel to hover weakly around $10,850/mt, with the 1901 contract trading at 88,000-90,000 yuan/mt today. Spot prices are seen at 89,000-100,000 yuan/mt today.

ENERGY:-

Oil markets were trading cautiously on Tuesday, with mixed signals coming from top exporter Saudi Arabia ahead of an OPEC meeting in Austria next week. Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month. Prices have lost almost a third of their value since early October, weighed down by an emerging supply overhang and widespread financial market weakness is on a slippery slope," said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. Ruecker said the weak sentiment "follows a surprisingly swift and pronounced change in the market mood from shortage fears to glut concerns," while the world economy was also slowing down. Traders said they were awaiting the outcome of the Group of 20 (G20) meeting in Buenos Aires and also the result of a meeting of the Organization of the Petroleum Exporting Countries (OPEC).


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