The anticipated extension of OPEC+ production cuts is expected to stabilize oil prices in the short term, despite weak demand signals from China.
The dollar's decline against major currencies highlights the impact of geopolitical tensions and economic data on currency markets.
Gold's rise reflects investor sentiment shifting towards safe-haven assets amid uncertainty regarding US monetary policy.
If OPEC+ extends production cuts, oil prices may stabilize or rise further, depending on compliance levels from member countries.
The US dollar may continue to face downward pressure if political and economic uncertainties persist, particularly with the incoming administration of President-elect Donald Trump.
Gold prices could rise further if the Federal Reserve signals a more dovish stance on interest rates in the upcoming meetings.
Oil prices rose amid expectations of an OPEC+ meeting, with Brent crude futures increasing by 0.71% to $72.34 a barrel and US West Texas Intermediate crude rising by 0.66% to $68.55. Analysts predict that OPEC+ will extend production cuts until at least the end of the first quarter of 2025 due to compliance from member countries and concerns over oversupply. Meanwhile, the dollar index fell as political unrest in France and economic pressures in China affected currency values, with the euro declining significantly. Gold prices also saw an uptick, driven by expectations of a potential US interest rate cut, with spot gold rising to $2,642.50 an ounce.
