Oil prices rally continues /Safe-haven struggle to hold grounds /No-deal Brexit resurfaced

Dec 18,2019

Regain Capital

Overnight Reviews:

Gold: 0.00%

Silver: -0.20%

US Index: 0.04%

WTI Oil: 0.60%

NDX: 0.06%

Oil prices rally continues

The black commodity ended Tuesday’s trading session with gains easily, closing above $60 handle. Optimism from previous OPEC+ meeting continues to support oil prices, despite recent skepticism towards US-China trade deal. However, gains were limited by a buildup in US crude inventories reported by the API.

Safe-haven struggle to hold grounds

Safe-haven assets were traded thinly, while investors remained uncertain towards the US-China trade front. Optimistic investors are selling safe-haven while pessimistic are preventing the prices from going down, with the precious gold holding on to its $1,475 handle since Monday. The market is still waiting for further clarity on the signing of the Phase One trade deal.

No-deal Brexit resurfaced

Just after the optimism from UK election results, which sent the pound sterling to its highest levels in years, the currency now pared all of its gains following fears of no trade deal after Brexit. With only less than a year to reach a trade agreement with the EU, PM Johnson on Tuesday ruled out any form of an extension for a transition period, spiraling fears of a no-deal.

Main Events Today GMT +8

17:30 GBP CPI y/y

21:30 CAD CPI m/m

23:30 OIL Crude Oil Inventories

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Oil prices rally continues /Safe-haven struggle to hold grounds /No-deal Brexit resurfaced

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