Oil Steady, Gold Edges Higher
2022.11.01 08:17
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Oil steadies amid bullish OPEC forecasts
prices are higher on Tuesday, with and WTI up close to 1.5%. Little has changed over the last week on the oil front, with the price stabilizing after a pretty turbulent period.
OPEC released its 2022 oil market report on Monday and saw demand continuing to grow in the coming years. That’s despite the economic headwinds in the near term that drove its controversial two million barrel cut last month.
The report highlighted the need for more investment, the strengthening of demand due to the shift from focusing on the transition to energy security, and a much later peak in demand.
Can gold break higher?
We’re seeing a modest rally in on Tuesday, the day before the Fed when traders are hoping for some dovish treats. That hope hasn’t yet filtered through to the gold price, which has fallen back towards $1,600 in recent weeks.
Rapidly rising interest rates have hammered the yellow metal, and traders are increasingly expecting the Fed to join the RBA is moving towards a slower pace of tightening. Any indication coming in December could support gold, although considerable uncertainty remains.
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