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Oil trade slightly higher today

It will takes about:

November 25, 2021

Latest updates:

– US indices finished yesterday’s trading higher. S&P 500 gained 0.23%, Nasdaq moved 0.44% higher and Russell 2000 added 0.15%. Dow Jones lagged and finished 0.03% lower
– FOMC minutes showed concerns over inflation. Some US central bankers opted for a quicker pace of QE taper. Pace of tapering will be adjusted if price growth continues to accelerate
– Stocks in Asia traded mixed today. Nikkei gained 0.7%, S&P/ASX 200 added 0.1%, Kospi moved 0.3% lower and indices from China dropped
– DAX futures point to a higher opening of today’s European cash session
– According to Reuters report, Japanese extra budget spending will be worth 36 trillion yen
– Saudi Arabia, as well as some other oil producers, signalled that OPEC+ may abandon its output increase policy next week in response to coordinated SPR release
– According to China Securities Journal, more fiscal stimulus will be deployed to aid Chinese growth
– Australian CapEx dropped 2.2% QoQ in Q3 2021 (exp. -2.1% QoQ)
– Bank of Korea hiked main rate by 25 basis points, to 1.00% (in-line with expectations)
– Precious metals gained after FOMC minutes failed to deliver hawkish surprise. Gold gains 0.5%, silver adds 0.6%, platinum jumps 1.8% and palladium trades 2.3% higher
– Oil and industrial metals trade slightly higher today
– GBP and AUD are the best performing major currencies while CHF and NZD lag the most
– Palladium rallies over 2% today after FOMC minutes failed to provide more clarity on conditions for quicker taper pace. Price bounced off the mid-term support at $1,835 and is currently testing $1,900 area. Other precious metals also gain today.

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