Talking Points:
Crude oil[1] and gold prices[2] rose amidst increased Syria conflict threat on Wednesday Attention now turns to the US response and the incoming monthly OPEC oil report Both gold and crude oil charts show warning signs that prices may soon head lower Find out what retail traders’ gold buy and sell decisions[3] say about the coming price trend! Crude oil prices rose more than two percent on Wednesday, climbing to the highest point since December 2014. The threat of a conflict between the US and Syria[4] helped push prices higher despite EIA oil inventories increasing by the most since early March. Meanwhile, gold prices also rallied. However, some of the gains in the anti-fiat yellow metal were lost when the US Dollar[5] rallied towards the end of the day. We also had the second day of the International Energy Forum in New Delhi. There, OPEC’s Secretary General Mohammad Barkindo spoke and said that the group is confident that they “will get inventories to the 5-year average in 2018.” He added that the cartel sees compliance in March higher than in February. Looking ahead, on Thursday OPEC will issue their monthly oil market report. Previously, the group had to reduce supply by more than anticipated thanks to a glut in non-OPEC production[6]. Since Barkindo also mentioned that global inventories are about 42 million bbl above the 5-year average yesterday, perhaps additional adjustments could be in the cards. More cuts to the supply may boost oil prices. In addition, keep
