Oil Futures Jump Sharply As Output Cut Sentiment Perks Up, Commodities Round-Up

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The 5:13 PM GMT, West Texas Intermediate (WTI) and Brent front month futures contract, 2.45 percent or $ 1.35 higher at $ 56.43 per barrel of crude production and 24 confirmed the lack of mass, 2.29% or $ 1.21 to $ 53,96 per barrel increased 1.5 million per day (bPD) barrels, data pledged more than 80% in December OPEC and non-OPEC agreement.

Night, said the US Energy Information Administration (EIA): “Global production and consumption are projected to increase between 2018, but consumption is expected to increase at a faster rate than production.

“Is that as a result, expects to tighten the global balance. Production OPEC, at 0.9 million barrels per day, or 55 per cent of this increase, the 2016 fourth quarter to 1.6 million barrels increased daily it is to be expected. ”

EIA estimates that total global production of 97.5 million in 2016. The 2017 average 98,9 million barrels per day to 96.4 million barrels per day in 2018. World production is expected to increase the daily barrels.

Krishna dollar as far away from the oil market, precious metals took a tumble. At 5:14 PM we GMT, while COMEX gold futures contract for February delivery spot gold down 1.12 percent or $ 13.43 at $ 1,187.26 an ounce, 0.91 percent or $ 10.90 to $ 1,186.90 an ounce less.

Furthermore, COMEX Spot silver, platinum, 0.05% or 23 cents to $ 980.27 a lower limit on the level of well below $ 1,000 an ounce, down 21 cents or 1.25 percent to $ 16.77 an ounce was.

Improve David Absolon, Heartwood investment director of investment management, especially oil and base metals global economic environment, reflation and a tight supply / demand balance points to a more positive view on commodities in 2017, said.

“While not a direct market access but rather than physical assets and more attractive in some parts of the risk / return profiles complex by the owner of the futures contracts, the levels we are ready to invest where are not there yet. We also bought some gold in a portfolio strategy as diversifier. “

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