Crude Oil Hampered by OPEC Demand Outlook, Gold Price Eyeing PPI Data
2021-03-12 06:00:00
Daniel Moss,
Analyst
Gold Prices, Crude Oil, OPEC+, US PPI, Commodities Briefing – Talking Points:
Crude oil prices vulnerable to near-term pullback after OPEC trim demand estimates.
Rebounding yields place downward pressure on gold prices.
Gold could gain on soft US PPI figures .
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Crude oil prices have regained lost ground in recent days, as the gradual increase in road usage suggests that a broad recovery in overall fuel consumption is picking up speed. Apple mobility data shows that the number of people driving in Europe, the UK, and the US, has continued to rise since the start of the year, as the rollout of coronavirus vaccinations and falling rate of infections allows several developed economies to begin returning to a level of normality.