Oil futures extend decline from Wednesday after Iran Oil Minister Bijan Zanganeh said OPEC’s plan to freeze output is “ridiculous” and put “unrealistic demand” to the Islamic country. The drop worsened after Saudi Minister of Oil Al-Naimi said his country won’t cut output on any conditions as other countries won’t support this action.
WTI futures with April delivery fell 0.47% to $32.00, Brent prices declined 0.41% to $34,27 as of 5:18 GMT. WTI found support on $29,48 and resistance on $33.53.
US Index which indicate the gauge of US currency to the basket of other major six currencies fell 0.01% and is trading on 97.50.
The odds that Fed will change interest rate to 0.75% in March fell from 19.7 to 8.3% according to CME group data. The change is likely caused by worse-than-expected Consumer Confidence data, important gauge of economic health in US, which show 92.7 points in January instead of 97.3 expected.
XAU/USD rose 0.40% on risk-averse sentiments trading at $1.234,40 on Comex Exchange during Asian session. Resistance were met at $1.250.40 and support at $1.203.00.
Silver futures with march settlement rose 0.24% to $15,260 and copper dropped 0.90% to 2,099 because of slowing China imports.