Crude Oil Continued to Rise, OPEC Agreed to the Supply Cut

At 5:45 AM EST, the WTI crude oil futures contract for January 2017 delivery was trading at $49.88 per barrel—a rise of ~0.89%.

Nov. 20 2020, Updated 11:45 a.m. ET

Crude oil

OPEC agreed to cut its production from 33.7 MMbpd (million barrels per day) to 32.5 MMbpd.
Saudi Arabia agreed to cut its production by 486,000 bpd (barrels per day) to 10.06 MMbpd.
Iraq agreed to cut its production by 200,000 bpd to 4.35 MMbpd.
Russia, a non-OPEC producer, agreed to cut its production by 300,000 bpd.
On Wednesday, WTI (West Texas Intermediate) crude rose 9.4%, while Brent crude rose 8.8%.
At 5:45 AM EST, the WTI crude oil futures contract for January 2017 delivery was trading at $49.88 per barrel—a rise of ~0.89%. The Brent crude futures contract for January 2017 delivery rose ~1.10% to $52.41 per barrel.
The PowerShares Dynamic Energy Exploration & Production Portfolio (PXE) and the SPDR S&P Oil & Gas Exploration & Production (XOP) rose 7.3% and 11.6% on November 30.

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After rising on November 30, copper prices are weaker in the early hours on December 1.
At 5:50 AM EST on December 1, the COMEX copper futures contract for March 2017 delivery fell 0.3% to $2.63 per pound.
The rise in oil prices supported copper prices on November 30.
Better-than-expected Chinese manufacturing PMI data rose to 51.7 in November. It’s supporting prices.
The PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining (XME) rose 0.39% and 0.21% on November 30.

Gold (GLD) is weaker early on December 1. It reached ten-month low price levels.
Upbeat consumer spending and non-farm private payroll data released on November 30 dented the sentiment in the gold market.
Increased expectations of an interest rate hike in December amid stronger economic data weighed on the prices.
Read How Much Could Gold React to Inflation? to learn about the gold market in relation to inflation levels.
At 5:55 AM EST, the gold futures contract for February 2017 delivery was trading at $1,169.40 per ounce—a fall of ~0.4%.
The platinum futures contract for January 2017 delivery was trading at $905.3 per ounce—a fall of ~0.51%.
The silver futures contract for December delivery was trading at $16.38 per ounce—a fall of ~0.57%.
Palladium has continued to reach fresh 2016 highs since the beginning of this week. Palladium pulled back in the early hours. At 6:00 AM EST, the palladium futures contract for March 2017 delivery was trading at $772.45 per ounce—a fall of ~0.03%.