Crude Oil Drops As Tensions Increase Within OPEC+ Members

27/11/2020 Trade-volumes were subdued on the JSE on Thursday as Wall Street had reduced trading hours for U.S. stocks and bonds due to the Thanksgiving holiday. The JSE closed 0.31% firmer to 57,923.69, while the Top-40 gained 0.27%. Shares underperformed in Australia and Hong Kong, while Japan edged up. MSCI index of developing-nation currencies moved higher, led by the Turkish lira. The South African rand fell the most on the day. Rand flat 0.04% at 15.1830/$, while Yield on 10 year govt rand bonds rose 2.0 bps to 8.89%. Gold was up on Friday morning, up at $1806.77, clearing the $1800 mark. Oil fell to near $45/barrel amid signs of division among OPEC+ members just days before a key policy meeting on whether to extend production curbs.

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European markets drifted lower on Thursday in subdued trading. The pan-European Stoxx 600 slipped 0.03%, the DAX was off 0.02%, while the CAC 40 in Paris lost 0.08%. Losses were more pronounced in London, where the FTSE 100 gave up 0.44%. European stocks have surged in November as breakthroughs in vaccine development fuelled gains in laggard cyclical and value sectors.

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President-elect Joe Biden will unveil his economic team next week. Futures drifting lower: Dow loosing 48 points, or 0.18%, the S&P500 down 0.12%, while the Nasdaq futures swimming against the stream 0.13% positive.

Asia stocks mostly down on Friday, ending the week on a cautious note. Japan’s Nikkei 225 bagging 0.44%, the Aussie’s ASX 200 was down 0.53%. China’s Ministry of Commerce said in a statement released earlier in the day that China will impose temporary anti-dumping measures on wine imported from Australia starting Nov. 28. Hong Kong’s Hang Seng Index edged down 0.22%, Tencent marginally up 0.10%. China’s Shanghai Composite was up 0.41%.