Wednesday, July 3, 2019 11:48AM /by FDC Ltd
OPEC and its allies have agreed to extend their production cut deal till March 2020 after a series of meetings in Vienna. The initial reaction to OPEC’s decision was negative with Brent declining by 0.26% to $64.89pb. This suggests that investors remain concerned about the outlook for global oil demand in 2019 amid heightened global trade tensions.
FBN Quest’s PMI fell by 1.96% into contraction territory (49.9) in June. The reading is at its lowest point since July 2018, indicating a likely slowdown in Q2’GDP numbers.
The attached slides summarize the events that took place in the domestic and global commodity markets.