OPEC Raised Global Oil Consumption but Reduced Demand for its Output
RitaGold jumped ahead of US opening as the June FOMC minutes turned out to be more dovish than previous anticipated. Weakness in the US dollar amid hopes that the Fed would maintain the easing bias for some time sent the yellow metal higher. The benchmark Comex contract for gold attempted to re-test 1300, a level not seen since June 24. Crude oil prices retreated on profit-taking after soaring earlier in the day. OPEC’s latest report showed that demand for its crude would decline while global oil demand growth will accelerate next year, rising by about +1M bpd.
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OPEC Raised Global Oil Consumption but Reduced Demand for its Output
