Oil sees largest one-day gain in weeks on hope of OPEC production cut

Crude-oil futures rallied Friday amid speculation that OPEC may cut its oil production, a move that would help stabilize plunging prices. However, Friday’s rally didn’t prevent oil from ringing up its seventh consecutive weekly loss.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, +2.32% rose $1.61, or 2.2%, to settle at $75.82 a barrel. That was oil’s largest one-day gain since early September. On the week, oil declined 3.6%.

Brent LCOF5, +2.72%  for January delivery on London’s ICE Futures exchange rose $1.92, or 2.5%, to finish at $79.41 a barrel. On the week, Brent lost 5.4%, its eighth straight week of declines.

Gold shines on stronger oil, weaker dollar

Gold bounced back from early losses on Friday to hit its highest price in weeks. Underpinning the move by the yellow precious metal, which has been battered for weeks, was a slightly weaker dollar, and hope of a cut in oil production.

Gold for December delivery GCZ4, +2.27% rallied $24.10, or 2.1%, to settle ar $1,185.60 an ounce, its highest since it closed at 1,198.60 on Oct. 30. The move higher on Friday still capped an otherwise tough week for gold, which still will leave the metal down 0.4% for the week.

IForex Signal Update

Yesterdays SGX Stock Recommendation Call
✔ We Hit Two target

■■ BUY OSIM INTL AT CMP 1.895-1.890 TARGET 1.925 1.965 2.000 SL 1.850

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KLSE IForex Recommendations

TRADING TIPS :

EUR/USD was up 0.15% to 1.2456, holding above last week’s 26-month lows of 1.2356.Official data showed that the annual rate of inflation in Germany was unchanged at 0.8% in October, but prices actually fell 0.3% from a month earlier. A separate report showed that the annual rate of inflation in France, the euro area’s second largest economy, rose to 0.5% last month, up from 0.3% in September and ahead of forecasts for 0.4%.On a month-over- month basis prices were flat.In Spain, data showed that the consumer price index fell 0.1% in October from a year earlier, continuing a period of price declines. On a monthly basis, consumer prices ticked up 0.5% from 0.2% in September.


INTRADAY OUTLOOK
Support: 1.2424
Resistance: 1.2480

RECOMMENDATION:
1. Buy EUR/USD Above 1.2482-TG:1.2502/1.2532 SL 1.2452
2. Sell EUR/USD Below 1.2421-TG:1.2401/1.2371 SL 1.2451

INTRADAY OUTLOOK
Immediate Support: 115.36
Immediate Resistance: 115.87

RECOMMENDATION:
1. Buy USD/JPY Above 115.90-TG:116.10/116.40 SL 115.60
2. Sell USD/JPY Below 115.34-TG:115.14/114.84 SL 115.64

KLSE Stock Recommendations

MARKET UPDATES :

The ringgit closed slightly lower against the US dollar today, ahead of the third-quarter growth data, which would be announced by Bank Negara tommorow, dealers said. At 5pm, the ringgit was quoted at 3.3380/3400 vis-a-vis the greenback compared with 3.3350/3370 on Wednesday. it hovered between 3.3345 and 3.3380 throughout the day.The ringgit was traded mostly higher vagainst other major currencies.

STOCK RECOMMENDATION :
SELL Kuala Lumpur Kepong BELOW 23.10 TGT 23,22.80, SL 23.23