Crude Oil Prices Rises as OPEC Gloom Hints at Further Restraint


Crude oil prices reversed their losses to be slightly higher in choppy trading early Monday in New York, after a key meeting at the Organization of Petroleum Exporting Countries opened with a gloomy assessment of the market outlook.

That somewhat paradoxical reaction is due to perceptions that the organization will choose to keep output at or close to its current level for another few months, rather than increase it at the start of next year, as originally intended.
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Dollar Weakens; Fed Expected to Act in December
The dollar drifted lower in early European trade Monday, as lingering vaccine optimism and expectations of more Federal Reserve largesse see traders desert this safe haven.
At 3:55 AM ET (0755 GMT), the U.S. dollar index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 91.705, having fallen to its lowest level since April 2018 and set to record its largest monthly fall since July, down 2.5%.
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Gold Down on Vaccine Anticipation


Gold was down on Tuesday morning in Asia as more vaccine good news arrives and U.S. business activity rises at the quickest rate in five years. The U.S. dollar and risk-on activity are drawing investor interest away from the safe-haven metal.

Gold futures were down 0.90% at $1,821.25 by 12:56 AM ET (4:56 AM GMT).
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Oil hits highest since March collapse on vaccine, Biden transition
Oil hit its highest since in March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.
AstraZeneca (NASDAQ:AZN) said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna (NASDAQ:MRNA).
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Dollar Weakens as Biden's Transition Becomes Clearer


The dollar saw selling in early European trade Tuesday, as clarity over the U.S. political transition emerged and the tapping of Janet Yellen to be the next Treasury Secretary strengthened expectations of an expansive fiscal policy under President-elect Joe Biden.

At 3:15 AM ET (0815 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.3% at 92.252, after seeing its lowest level since Sep. 1 overnight.
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Gold Stronger On Weaker Dollar And Surging Coronavirus Cases


Gold was seen to steady itself near a one-week high on November 16, 2020, as the US dollar weakened. Also, fears over mounting COVID-19 cases have offset a risk rally that is driven by optimism over a Pfizer vaccine.

Spot gold was little changed trading at $1,889.01 per ounce by 0743 GMT. The precious metal had hit its highest level since November 9 trading at $1,898.81. On their part, the US gold futures were flat hovering around $1,886.70.
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Oil Prices Leap Higher On Fresh Vaccine Hopes


Oil prices jumped by 4 percent early on Monday, bolstered by another potential vaccine breakthrough, as well as bullish economic data from China.


As of 9:14 a.m. ET on Monday, WTI Crude was up 4.46 percent at $41.92 and Brent Crude was trading up 3.95 percent at $44.48.


Dollar Weakens; Risk Sentiment Helped by Strong Data
The dollar weakened in early European trade Monday, with positive economic data out of Asia increasing optimism of a global recovery even given the continuing rise of new Covid-19 cases.
At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.597. EUR/USD climbed 0.1% to 1.1848, USD/JPY fell 0.1% to 104.53, while the risk sensitive AUD/USD rose 0.3% to 0.7287.
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Gold Up on U.S. Stimulus Hopes and COVID-19 Fears
Gold was up on Wednesday morning in Asia, paring back losses from the previous session. U.S. COVID-19 stimulus hopes weakened the greenback and ever-rising coronavirus cases also pushed the market up.
Gold futures inched up 0.03% at $1,877 by 12:09 AM ET (4:09 AM GMT).
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Crude Oil Prices Leap Again, Shrugging off OPEC Gloom


Crude oil prices hit a two-month high on Wednesday before retreating as the Organization of Petroleum Exporting Countries cut its forecasts for global demand for a fifth straight month.
By 9 AM ET (1400 GMT), U.S. crude futures were up 3.0% at $42.59 a barrel, having earlier hit a high of $43.05 – the first time it’s been that high since early September. The international benchmark Brent futures contract was up 2.9% at $44.84 a barrel.
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