Oil edges higher, gold in choppy waters

Uncertain outlook weighs on crude as prices almost close the post-OPEC+ gap

Oil prices are a little higher at the start of the week, bouncing back after largely closing the post-OEPC+ gap from a few weeks ago. Prices came within a whisker of doing so and could potentially attempt to again. For now, it’s paring recent losses and crude finds itself back within the range it traded in, in the months leading up to the SVB collapse.

Time will tell whether OPEC+ decision to cut output will push oil prices back to $100 as some feared but it doesn’t look particularly promising at this point. The economic outlook has deteriorated but the degree to which that is the case is still unclear.

Gold stalls shy of record highs but traders not giving up hope yet

Gold is marginally higher today but remains quite choppy overall. The uncertainty over the outlook has seen the rally stall just shy of record highs and while traders don’t seem particularly keen to give up on it, the fact that interest rate expectations have become slightly more hawkish recently has made rediscovering momentum challenging. With plenty of data and earnings to come this week, that may well change.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/