Daily Morning Call
From the Floor: Oil dives, commodities widely pressured — #SaxoStrats
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Crude oil took its biggest plunge in a year on Wednesday after government data showed US oil inventories kept rising despite Opec's and non-Opec producers' efforts to cut production. Commodities prices are widely under pressure in the run-up to an expected US interest-rate hike next week.
- Oil slumps as US inventories rose again despite producers' efforts to cut output
- WTI crude plunged more than 5%, finding support around $50/barrel
- Next focus for WTI $48.72/b
- Weakness seen across commodities: Hansen
- Rising yields and dollar putting 'spanner in the works' for gold and silver: Hansen
- USD rises on +298,000 ADP payrolls growth: Hardy
- No major expectations for ECB today; eyes on possible QE adjustments
- ECB rate announcement due at 1245 GMT, Draghi news conference 1330 GMT
- US hourly earnings growth more important that NFP on Friday: Hardy