Oil Prices Rise In Choppy Trade
Oil prices rose in choppy trade on Monday as investors braced for an upcoming OPEC+ meeting expected to discuss the course of action for December.
Benchmark Brent crude futures climbed 0.8 percent to $84.39 a barrel.
West Texas International Crude oil futures were up half a percent $83.95 a barrel, after having gained more than 11 percent in October on expectations that tight supplies and higher gas bills will encourage a switch to crude for use as a power generation fuel.
Helping to keep a lid on prices were reports over China’s release of gasoline and diesel reserves and the possibility of fresh supply from Iran in the future.
China said in a rare official statement that it will release reserves of diesel and gasoline to increase market supply and support price stability in some regions.
All eyes are on the Nov. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, with analysts expecting them to stick to a planned output increase of 400,000 barrels per day in the month.
The plan ensures adequate crude supply to balance the global market, state news agency KUNA quoted Kuwaiti oil minister Mohammad Abdulatif al-Fares as saying.
Angola and Iraq have also endorsed the group’s plans for a 400,000 b/d crude production hike in December.
Gold Ticks Higher Ahead Of Central Bank Meetings
Gold prices edged higher in cautious trade on Monday as investors braced for a week full of central bank meetings in the United States, Britain and Australia.
Spot gold edged up 0.2 percent to $1,786.04 per ounce, after having touched a more than one-week low on Friday. U.S. gold futures for December delivery were up 0.2 percent at $1,787.30 per ounce.
The Reserve Bank of Australia (RBA) holds its monthly policy meeting on Tuesday and speculation is rife that it will signal an earlier hike in cash rates after data last Wednesday showed core inflation jumped back into the RBA’s 2-3 percent target for the first time since 2015.
The Federal Reserve’s two-day policy meeting ends on Wednesday, with investors looking for clues on the timing of its first interest rate hike since December 2018.
Fed Chair Jerome Powell has already acknowledged substantial further progress on inflation (price stability) and also maximum employment for QE tapering.
On Thursday, attention turns to the Bank of England policy meeting. Market participants are pricing in a rate hike to curb inflation but economists narrowly predict no change.
Seven West Media to buy regional affiliate Prime for $132m
Kerry Stokes’ television and publishing company Seven West Media has struck a deal to acquire its regional affiliate Prime Media Group for $131.9 million.
The two companies announced the deal in statements lodged with the ASX on Monday. “The proposed transaction is highly attractive for shareholders of both [companies]“, Seven said in its ASX release.
James Warburton, chief executive of Seven West Media, presenting the broadcaster’s 2022 line-up.Credit:Seven
Seven’s chief executive James Warbuton said the proposal is an ‘important step’ for the two companies.“It means we will be able to give advertisers easy and seamless access via a single platform to capital city and regional markets,” he said.
Seven estimates the acquisition would generate between $5 million and $10 million in cost savings annually.
Seven first attempted to acquire Prime in 2019. The group was blocked by then shareholders Anthony Catalano and Bruce Gordon.
This acquisition will be subject to a vote by the Prime Media Group shareholders in December 2021. Seven said the decision is supported by major Prime’s board directors as well as shareholders who own 43.5 per cent of the company.
More to come
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