Oil Retreats on Increasing Supply

The price of Crude Oil is under pressure, falling 1.9% this morning. Over the weekend, exports from Iraq’s Kurdistan region resumed. In addition, traders have been speculating that OPEC+ may agree to an additional supply increase when it meets later this week.

The new trading week is off to a positive start for stocks. US index futures are up 0.3% to 0.6%.  In Europe today, the DAX is flat, and the FTSE is up 0.6%. Asia Pacific trading was mixed, with the Hang Seng rallying 1.9% and the Nikkei falling 0.7%.

Metals are soaring today with the US Dollar continuing its retreat. Gold is up 1.3%, trading above $3,850/oz. Silver is up 0.9%, Platinum is up 2.2%, and Copper is up 1.2%. In currency trading, Bitcoin is up 1.6%, while the Loonie, Pound, and Euro are up 0.1% to 0.3%.

The risk of a potential US Government shutdown, perhaps as soon as Wednesday doesn’t seem to be scaring investors any longer. With the month and quarter ending tomorrow, there is a lot of economic news on the way this week which may have more of an impact on sentiment.

PMI reports are being released throughout the week, beginning with China tonight, Chicago tomorrow, Manufacturing for most countries on Wednesday, and finishing with Services for most countries on Friday. It is also a big week for job reports with ADP Payrolls on Wednesday, followed by US nonfarm payrolls on Friday.

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