Iron ore and oil were the big movers overnight on the commodities front with iron ore
finishing up 4.6% at US$59.22 and US crude up 4.04% to US$41.99 a barrel with reports
that Russia and their bestest buddies the Saudis have agreed to a freeze at current production levels in talks
leading up to Sundays Oilfest in Doha(I wonder if anyone will arrive in a Lithium powered car).
Meanwhile the Yanks are forecasting a 6.5% drop in oil output to 8.04 million bpd for 2017. So some positive dynamics at play for the oil price though some in the market feel production will increase once the price recovers.
Surely not..... Others are very bullish citing these events as a definite turning point. Iran is pretty
much being ignored at this point.
Iron ore still faces its headwinds of increased seaborne supply and contracting demand for steel in China
according to the bears but so far this year has shown great resilience.
The Dow finished up 165 points to finish 23 points off its high as rising oil prices gave energy
sector majors a shove upwards to coincide nicely with the start of reporting season.
Gold was fairly steady at US$1255.49 while base metals were once again little changed with all,
except for lead, being slightly lower.
The Aussie Dollar is trading at 0.77 cents US.
So some positive leads for us punters in daytradeland.
Good luck everybody.
. Others are very bullish citing these events as a definite turning point. Iran is pretty
