Oil production opportunities decrease
The Ministry of Energy of Azerbaijan stated that OPEC and Russia and other allies will plan to hold a video conference on Monday (but later postponed it to this Thursday). Earlier, US President Trump had made clear that major oil-producing countries such as Saudi Arabia and Russia are about to cut production substantially. This increases the market’s longing for the oil group’s upcoming production cuts, stimulating a sharp rise in international oil prices. However, the market estimates that if the action fails to get US participation and cooperation, it may be more difficult for the parties to reach consensus in the short term. In addition, when the new crown epidemic situation is still unclear, the effect of reducing production on oil prices may be weakened.
Gold is expected to have big moves
Last Friday, the epidemic caused the 113-month longest employment growth cycle in the United States to stop abruptly, pushing gold to a four-day high. This week ’s focus on the Fed ’s currency minutes, and the Fed will also speak on Friday about the impact of the epidemic on the US economy. In addition, the European Finance Minister will hold an emergency meeting on April 7, and Japanese Prime Minister Shinzo Abe will also announce entry into the national emergency market, which needs to be kept in focus. This Friday is Good Friday. Many countries and regions will be closed. The market should pay attention to the changes in trading hours.
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