NEWS UPDATE CRUDE OIL & GOLD AND SILVER !!
CRUDE OIL:
- News that Oman produced a record-breaking 1 million barrels per day in July also weighed on oil prices.
- News that Kuwait’s 200,000-barrels-per-day Shuaiba refinery had shut following a fire limited daily losses.
- Production by the Organization of the Petroleum Exporting Countries is running well above demand, filling stockpiles worldwide.
- Iran is expected to increase its oil exports once Western sanctions are lifted after ratification of a recent nuclear deal. ”The oversupply story remains well intact, which fuels the bearish sentiment,” said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.
- New Iranian oil supply, coupled with a strong pipeline of oil production projects in North America, the Middle East, West Africa and Kazakhstan, will keep oil output high for the next two years and weigh on oil prices, BMI Research, a unit of Fitch, says.
GOLD AND SILVER:
Metal traders also await the release of the Federal Open Market Committee’s minutes from its July meeting for further indications from the Federal Reserve later this week on the timing of a potential interest rate hike.
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