• California put new restrictions on indoor activities
• Growing tensions between the US and China
Gold rose on Tuesday and is trading around $1,800 an ounce, supported by concerns over a delay in global economic recovery and US-China tensions and as the dollar lost momentum.
WTI oil managed to erase early losses and is holding above $40.3 per barrel, after OPEC announced that oil demand would drop by 8.95 million bpd in 2020, slightly lower compare to last month forecasts, before rising by a record 7 million bpd in 2021 as the global economy recovers from the coronavirus crisis. All eyes will be on the upcoming OPEC meeting although the cartel most likely will reduce the record supply cut of 9.7 million bpd to 7.7 million bpd from August through December. Brent crude traded around $43 a barrel.
There is quite a lot of data scheduled for release tomorrow. BoJ interest rate decision and Westpac Consumer Confidence Index will be the key releases of the Asian session while UK inflation figures will be on watch during European trading hours. Apart from that,OPEC will start its two-day meeting. Some investors belief that OPEC and Russia could cut production again given the continued worries about demand. During the US trading hours, attention will be paid to BoC interest rate decision, US - June industrial production figures and EIA Crude Oil Inventories report. Last but not least, FED’s Bullard is scheduled to speak. On the earning s front Goldman Sachs, U.S. Bancorp and eBay Inc., will publish their quarterly results.
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