OPEC agree to extend cuts
OPEC and its allies have agreed to extend production cuts by an additional month. The extension, which seems to be a compromise by both Russia and Saudia Arabia will see the continuation of the deal agreed in April.
OPEC+ had previously agreed to cut output by a record 9.7 million barrels per day, which equates to around 10% of global output.
These cuts were agreed for May and June in the hope of lifting prices. Since the cuts began on May 1st – to date WTI crude prices rose by roughly $25 , and now trade close to $36 per barrel.
Gold drops by $57 in 2 days
Today we saw the price of gold fall once again as stock markets continue to rally. After dropping to a daily low of $1,689. Which has been the biggest 2 day decline since mid-April, the total amount lost since yesterday stood at close to $57.
NASDAQ continues to run
The Nasdaq which yesterday was approximately 3% away from its record high, today stands at 1.8% from this level. Traders now look towards Friday’s NFP for signs that America is slowly getting back to work again. Which could lead to further stock market rallies.
Boeing was one of the biggest individual gainers today, climbing as much as 8.5%.
“Do more of what works and less of what doesn’t.”Steve Clark
S&P500: The S&P500 completed its greatest ever “50 day” rally on Wednesday, leaving the index 8% away from its all-time high.
Gold: Another huge day of losses for gold which has now dropped by a total of $57 in the past 2 days. The low of today saw prices quoting $1,689.