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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Both Brent and WTI is heading higher as the market is coming closer to balance and remains excited over further OPEC extension. Brent is trading at $61.4 per barrel and WTI at $6.5 per barrel discount.
Key factors at play in crude oil market –
- Saudi Arabia’s powerful crown prince has thrown his weight behind the deal supporting extension.
- Russia would increase production by 3.5-4 million tons in 2018 if extension not agreed.
- Saudi oil minister Khalid Al-Falih vowed to continue with agreement unless glut vanishes.
- Iraq remains the biggest cheater in OPEC in terms of the agreement.
- Reuters survey shows OPEC production to decline by 80,000 barrels per day in October.
- OPEC production increased by 88,000 barrels/day in September after declining by 79,000 barrels per day m/min August, and that after an increase of 173,000 barrels per day in July. In June production rose by 393,000 barrels per day in June compared to the previous month. In May production increased by 366,000 barrels per day.
- President Trump declined to certify Iran’s compliance with the agreement and pushed it to Congress.
- OPEC YTD compliance at 87 percent and non-OPEC compliance at 67 percent.
- Current U.S production at 9.51 million barrels per day, recovered from Hurricane effect.
- The oil market is in backwardation, both Brent and WTI.
- API reported a draw of 5.09 million barrels of crude oil. Gasoline saw a build of 1.941 million barrels.
Today’s inventory report from US Energy Information Administration (EIA) will be released at 14:30 GMT.
Trade idea –
- Active call - Buy WTI targeting $56 per barrel. Brent reached the target at $59 per barrel; extended to $65 per barrel and $68 per barrel.
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