• The dollar edged higher on Wednesday, as the boost to the euro and the yen from worries about a possible U.S. recession following an inversion in part of the U.S. Treasury yield curve faded.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.013 after seeing lows near 96.8 earlier.
• The U.S. central bank’s “Beige Book” report, a snapshot of the economy gleaned from discussions with business contacts in the Fed’s 12 districts in the weeks through November 26, also said that the economy appeared to be growing modestly to moderately.
• U.S. President Donald Trump on Wednesday said he believed Chinese President Xi Jinping was being sincere at their meeting on trade and that Beijing had been sending “strong signals” since then.
• U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide.
“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump wrote in a tweet ahead of the group’s meeting this week to discuss possible cuts.
• OPEC meets in Vienna on Thursday to weigh production and on Friday will hold talks with allies such as Russia.
If OPEC and its allies led by Russia agree to reduce oil output next year by reverting to 2016 production quotas, it would imply an OPEC-only supply curb of at least 1.2 million barrels per day (bpd), according to Reuters calculations.
• Oil prices dipped on Wednesday ahead of a meeting of the world’s biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.
Brent crude LCOc1 futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 36 cents to settle at $52.89 a barrel. The contract traded between $54.44 a barrel and $52.16 a barrel during the session.
Reference: Reuters, CNBC
Thai
Eng