Oil Prices Rally On US/China Trade Deal Hopes

1. Oil Prices Rally On US/China Trade Deal Hopes
The week started with a fresh oil price rally on Monday, on reports that the United States and China are close to ending their trade disputes. Meanwhile, supply from the Organization of the Petroleum Exporting Countries (OPEC) fell to a four-year low in February. International Brent futures (CL_BRENT) were at $65.18 a barrel at 8:00 GMT, up or 0.2 percent, from their last close.U.S. West Texas Intermediate (USOIL) crude futures were at $55.92 per barrel, up 12 cents, or 0.2 percent.*

2. Gold Continues To Tumble
Gold prices edged lower in Monday trading, after already falling below the critical $1,300 level to their lowest since Jan. 25 in the previous session. The XAU/USD noted a brief rally in early morning trading after the US dollar softened on prospects of a trade deal between China d the United States. The dollar’s weakness pushed XAU/USD slightly higher but the noble metal tumbled shortly after as the dollar recovered, spot gold was last seen trading at $1291.47, or 0.16% lower as of 8:05 GMT this morning.**

3. Trump Tries To Push The Dollar Lower
The U.S. economy is doing well in spite of the actions of the central bank, President Trump said during a wide-ranging speech at CPAC 2019. Trump noted: “We have a gentleman that likes raising interest rates in the Fed, we have a gentleman that loves quantitative tightening in the Fed, we have a gentlemen that likes a very strong dollar in the Fed. […], I want a strong dollar, but I want a dollar that’s great for our country not a dollar that is so strong that it is prohibitive for us to be dealing with other nations.” Trump’s statements did little to tackle the USD strength; after a very short-lived USD softness this morning, the dollar swiftly recovered adding as much as 0.3% against the euro. EUR/USD was last seen trading at 1.1345 or 0.26 percent lower as of 8:30 GMT. What is more, the U.S. currency is poised to remain strong this year despite Trump’s complaints about its recent gains as Treasuries remain the best option for yield-hungry investors and growth elsewhere is lackluster, according to money managers including Grant Samuel Funds Management Pty and QIC Ltd.***

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*Source: CNBC, Mar 4, 2019 2:48 AM ET
**Source: Forbes Mar 4, 2019 3:53 AM ET
***Source: Reuters Mar 4, 2019 03:07 AM ET