WTI crude traded a touch below the $48 mark per barrel. The two-day OPEC meeting starts today. Announcement of lower OPEC production could be
the last piece in the puzzle to cement the recovery in the equity markets. But OPEC needs to pay up for that. Expectation is a 1-million-barrel
cut per day, anything less could threaten a recovery in oil prices to and above the $50 level.
Activity on FTSE (+0.60%) and DAX (+0.80%)
futures hint that the European stock indices are primed for a second straight day rise.
The EURUSD consolidated a touch below 1.1145,
the 50-hour moving average. Recovery in US yields and the dollar could encourage a downside correction below the 1.11 level. Next support is
seen at 1.1063, the 200-day moving average.
By Ipek Ozkardeskaya
