Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Both Brent and WTI is correcting as U.S. shale production continues to beat the estimate. WTI is currently trading at $60.8 per barrel and Brent at $3.9 per barrel premium to WTI.
Key factors at play in the crude oil market –
- Iran’s oil minister Bijan Zanganeh said that OPEC could start easing on the production quota at its June meeting. Iran is seeking to increase its quota from 3.8 million barrels per day to 4 million barrels per day.
- OPEC and Russia to cooperate on oil production beyond 2018. OPEC is reportedly working on an agreement which would make Russia a permanent partner of OPEC in oil supply management with OPEC. This OPEC supergroup would also include other participating non-OPEC countries.
- Venezuela in crisis as oil production declined to 1.6 million barrels per day.
- EIA projects U.S. crude production to increase to 11. 4million barrels per day by end of 2019 and U.S. would become the single largest producer by next five years.
- OPEC members and participating non-OPEC countries have agreed to extend the supply reduction agreement until the end of 2018.
- Saudi corruption crackdown yielded $106 billion according to the country’s attorney general.
- OPEC production was 32.39 million barrels per day in February, according to Platts’ survey.
- Current U.S production at 10.37 million barrels per day.
- The oil market is in backwardation, both Brent and WTI.
- API reported a surprising build of 1.156 million barrels of crude oil. Gasoline saw a decline of 5.661 million barrels.
Today’s inventory report from US Energy Information Administration (EIA) will be released at 14:30 GMT.
Trade idea –
- Active call - Brent short-term target reached at $62 per barrel. WTI target reached at $61 per barrel. Likely to resume buy trend
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