Markets News

“Small Non-Farm” recorded the smallest increase in three years; spot gold hit $2520!

· The number of ADP jobs in the United States increased by 99,000 in August, lower than the expected 145,000, the smallest increase since January 2021, and the previous value was revised down from 122,000 to 111,000. The decline in employment is bad for the US economy and the US dollar. · Libya's Agoco Oil Company increased its crude oil production to 232,000 barrels per day, which is bearish for crude oil. · The eight member countries have agreed to extend additional voluntary production cuts of 2.2 million barrels per day for two months, until the end of November 2024. These cuts will then be phased out starting December 1, 2024, according to a schedule, with the flexibility to pause or reverse adjustments as needed. Production cuts are long-term bullish for crude oil.

Harvey

2024-09-06 11:12:02

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