- 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.
- 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%.