Market Update:
US markets rallied after the U.S. and China declared a truce in their trade war. The Dow Jones gained 1.1% to 25,826 and the S&P 500 increased 1.1% to 2,790; Oil gained the most in more than five months as Saudi Arabia and Russia extended a cooperation pact and the US – China trade tensions cooled. Brent crude oil added 4% to 61.82 US$/bbl overnight; OPEC held its crude production at steady levels for November of 2018 as record oil output from Saudi Arabia offset losses due to US sanctions on Iran. OPEC pumped 33m BPD for November, a decrease of 10,000 BPD from October levels; Qatar announced its plans overnight to quit the OPEC cartel after 57 years due to “technical reasons”; EV’s will account for a lower global market share than previously estimated, revised to 9.4% from 10.5%, according to Bloomberg; Base metal prices were mainly up overnight on the London Metals Exchange with zinc and copper gaining the most at 1.4% to 2,693 US$/t and 6,313 US$/t respectively
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