Daily summary: Oil extends gains as OPEC + postpones meeting

• No major moves in the stock market
• Holiday in the United States
• OPEC + meeting has been postponed

Traders from the United States are off today, which in turn translated into lower volatility during today's session. The main stock indices in Europe started today's trading on the back foot, but eventually managed to erase early losses and finished today's session slightly higher. On the data front,  PMI survey showed the Eurozone private sector activity grew by the most since June 2006 as the economy continued to open up from COVID-19 related restrictions, while cost pressures remained a concern with both input costs and output charges rising at record rates.

Volatility on the Forex market has also been muted. At the end of the day, the British pound performs best among the major currencies, appreciating 0.2% against the US dollar. JPY and AUD also moved slightly higher, while NZD and CHF fell over 0.1%. CAD and EUR are trading flat.

While not much has happened in the FX and stock markets, however the situation in the oil market was completely different. The OPEC + members failed to reach an agreement regarding production levels and the meeting was postponed with no new day being set. Crude oil prices rose sharply following these reports and reached new local highs. In the evening hours, a barrel of WTI costs over $ 76.3, while Brent costs almost $ 77.

DE30 started today’s session under selling pressure, however buyers managed to regain control. Nevertheless, the German stock index remains in a broad consolidation zone. Looking at the M30 interval, a classical triangle pattern is building up. Only breaking above the upper or lower limit of the structure may lead to bigger price movements.

DE30 interval M30. Source: xStation5