Oil Prices Increase Amid Reports OPEC May Trim Output
ICM Brokers | Sep 17, 2014 02:39AM ET
Crude Oil
Oil prices shot up in U.S. trading on Tuesday amid reports that global oil cartel OPEC may trim output, while talk of fresh fighting in Libya also boosted prices. Crude surges on talk of OPEC cut, Libya fighting Oil rallies on talk of OPEC cut, Libya attack near refinery Oil prices have slumped in recent weeks amid concerns that supply far exceeds demand in the global economy. OPEC Secretary General Abdallah El-Badri reportedly said earlier the oil bloc may trim output to boost prices, which sparked a rally in energy markets on talk total production could fall to 29.5 million barrels per day from 30 million when the group meets in November. Reports that Libya's El Sharara oil field saw output reduced after rockets hit an area near a refinery fueled the rally as well by stoking supply-disruption concerns.
GOLD
Gold prices rose on Tuesday in subdued trading as investors wanted to ditch neither gold nor the dollar until the Federal Reserve releases its statement on monetary policy on Wednesday. Gold posts modest gains ahead of Federal Reserve meeting Gold remains firm ahead of Fed announcement, as market won't rule out dovish language The Federal Reserve will announce its latest statement on monetary policy this Wednesday, and expectations for the U.S. central bank to cut its monthly bond-buying program to $15 billion from $25 billion kept the greenback firm. Federal Reserve officials have expressed concern about persistent slackness in the U.S. labor market, though some have said rate hikes could come sooner than markets are expecting if the economy continues to improve. Both gold and the dollar, which trade inversely with one another, remained firm ahead of the announcement, as investors didn't want to ditch either until the Fed makes its announcement.
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