Delivered by HE Dr. Diamantino Pedro Azevedo, Angola’s Minister of Mineral Resources and Petroleum and President of the OPEC Conference, at the Ministerial Roundtable on Energy, Climate and Sustainable Development, 6 September 2021, via videoconference.
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Opening remarks by the President of the OPEC Conference
Market sentiment softened a tad as Chinese PMI data surprised to the downside while UK’s PMI unexpectedly shows manufacturing activities slipped to contraction in April. In the commodity sector, oil prices fell amidst concerns of weaker demand as global growth moderates.
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Sentiment Weighed Down by China and UK PMIs
Risky assets jumped across the board after FOMC’s dovish statement. In the commodity sector, energy prices rose across the board with the front-month WTI crude contract gaining +5.83% and the Brent contract up +4.1%. Gold jumped to a 3-day high of 1263.8, up US$30 from prior day’s close, as the Fed scaled back its rate hike outlook and USD slumped. Gains were later erased with the benchmark Comex contract losing -0.095 at close.
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Risky Assets Rally as Fed Scaled Back Rake Hike Forecasts