OPEC is unlikely to cut production… so what does it mean for oil?
Another early start this morning as we jump on a conference call to the US to discuss the next PEAK OPPORTUNITY.
After a great 20% debut yesterday for SWIFT, we are building great momentum… and this one is exciting….
What are we looking at?
A next generation carbon material produced from metallurgical coal, with 27 patents, $100M+ of potential sales opportunities and a management team that is exceptional….
Keep a look out for it over the next two weeks……
So what happened last night?
US stocks closed slightly higher on Wednesday as investors processed data on global manufacturing, US auto sales and inflation for clues about the Federal Reserve's next interest rate hike.
The Dow Jones industrial average rose 1.65 points, or 0.01 per cent, to 17,788.85, the S&P 500 gained 2.28 points, or 0.11 per cent, to 2,099.24 and the Nasdaq Composite added 4.20 points, or 0.08 per cent, to 4,952.25.
“Given where the market is, bumping up against the highs from April and November last year, people are looking for reasons to take profits and not try to play the market,” Chuck Self, chief investment officer of iSectors LLC, said by phone. “If the May numbers are not that strong, it not only affects the Fed, but it also affects how people look at the second quarter.
U.S. oil rose back above $49 a barrel as OPEC ministers arrived in Vienna for talks after prices rebounded from 12-year lows. Crude had fallen earlier as shuttered Canadian operations started to reopen. West Texas Intermediate crude settled at $49.01 a barrel, after climbing for a fourth month in May. Oil has surged about 85 percent since touching a 12-year low in February on signs the global surplus is easing.
The Organization of Petroleum Exporting Countries is unlikely to reach an agreement limiting production at this week’s meeting in Vienna as the group sticks with Saudi Arabia’s strategy of squeezing out rivals, according to analysts surveyed by Bloomberg.
Accordingly, we see short-term downside risk to oil and a rising USD, will not assist here….
Yesterday in our trading session, The MSCI Emerging Markets Index was little changed, as were Chinese equity benchmarks in Hong Kong and Shanghai, while gauges in the Philippines, Indonesia and Taiwan climbed at least 0.7 percent. Japan’s Topix index slid 1.3 percent.
The SPI is up 11 points this morning.