Key News Overnight:
U.S. President Donald Trump said a trade agreement with China is getting “closer and closer” and there’s a “good chance” a deal can be reached. Beijing is starting to make big purchases of items such as beef and pork, the president added. He also touted progress on trade talks with Japan, and signed a limited pact with PM Shinzo Abe that eases access for $7.2 billion in U.S. agricultural goods.
Investors shrugged off Washington’s impeachment drama, sending U.S. stocks higher on optimism over easing trade tensions. The S&P 500 halted a three-day slide, with tech and bank shares leading the way.
Oil extended declines as the EIA said U.S. crude supplies rose 2.41 million barrels last week. At the Cushing storage hub, inventories surged 2.26 million barrels, the most since February and the first gain in 12 weeks. Gasoline stockpiles also climbed. Meanwhile, Saudi Arabia is ahead of schedule in restoring production capacity, people familiar with the matter said.
Gold futures posted their first drop in four sessions as rising political tensions boosted demand for the dollar as a haven, and other precious metals also dropped. Lead escorted most base metals higher.
In This Issue:
Otto Energy (OEL) | FY19 Full Year Results| BUY | Analyst | Michael Eidne
Krakatoa Resources (KTA) | Acquisition of prospective Cu-Au porphyry ground in NSW Not covered | No rating
S2 Resources (S2R) | Drill results from Finnish gold projects | Not covered | No rating
Stavely Minerals (SVY) | High grade copper/gold hit at Thursday’s Gossan | Not covered | No rating
Good Oil Conference 2019 Wrap: STX, FAR, OEL, TEG, COI | Atrum Coal (ATU) | Argonaut Quarterly Oil and Gas Sector Update