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Oil prices dipped on Friday morning, ahead of the expected release from OPEC and its Allies (Opec +).
Brent Crude (BZ = F) futures fell 0.2% to $ 63.75 in the afternoon at the time of writing, while West Texas Futures (cl = F) were cut by the same margin to $ 60.47 a barrel.
OPEC+ is due on Sunday, with reports that the group is set to announce a modest output hike of 137,000 barrels per day in November for the same currency.
Head of Commodities Strategy Harren Patren Patterson and commodity specialist Ewa Manto said: “The uncertainty surrounding Russia is also supporting this increase.
“However, the move will only strengthen Bethelko’s view of the market, adding to the large reduction expected in 2026. Obviously, this does not include shocks from Russia.”
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The US announced sanctions against major Russian oil companies last week, accusing Moscow of committing to a peace process to end its war in Ukraine.
The US Treasury announced sanctions against Rosneft and Lakoil, which it says increases pressure on Russia’s energy sector and protects its ability to wage war and support its economy.
Oil prices rose following the announcement, with expectations that this could disrupt and tighten supply to the market. However, prices have since eased slightly, amid concerns about declining demand and overinvestment.
Gold prices rose on Friday morning, as investors were cautious about the outcome of the meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea on Thursday.
Gold Futures (GC = F) Adjusted 0.2% higher to $ 4,022.10 per ounce at the time of writing, while counting gold advanced by $ 4,011.91 an ounce.
The two leaders agreed to a one-year trade deal until November 2026, with the US reducing its Fentanyl-related tariffs, while China promised to delay restrictions on the country’s unusual borders.
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Jim Reid, head of macro and thematic research at Deutsche Bank (DBK.DE), said: “Without this stability, it is also easy to have doubts about the currency rate because of the concrete commitment because of the concrete commitment.”
“The idea is that we’re seeing more of an extended truce than a rise in de-association [Jamieson] Greer confirms last night that the US will continue the investigation recently opened in China’s compliance with the limited trade agreement reached during Trump’s first term. “
The pound was focused against the dollar (GBPusd = X) on Friday, trading at $1.314 at the time of writing, as investors weighed recent economic developments.
Matthew Ryan, Ebury’s head of global services market strategy, said: “The combination of Budget Jitters and the Pound Slumping is heading towards a 1
Meanwhile, the US Federal Reserve cut interest rates on Wednesday by 0.25% to 3.75% to 4%. However, Fed Chairman Jerome Powell said at a press conference following the central bank’s December meeting that the cut was “not a foregone conclusion.”
“There were very different opinions about how I should proceed in December,” he said.
The dollar rose following Powell’s dovish comments, which lowered expectations for a December rate cut.
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Francesco Pesole, FX Strategiostist at Ing, said: “The dollar found further support yesterday at the home of Powell’s hawkish chairman Parch Press
However, he said that the “short-term” short-term decline in the Dollar is more a “lack of direction” than the start of a sustainable increase “.
The US Dollar Index (DX-Y.CYBB), which tracks the greenback against a basket of six currencies, was firm Friday morning at 99.56.
In other Currency Moves, the pound is up 0.1% against the Euro (GBPEUR = X) on Friday morning, trading at €1.1352 at the time of writing.
More broadly, the FTSE 100 (^FTSE) fell 0.4% in early European trade to 9,719. For more details on market movements check out our live coverage here.
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