Oil falls nearly 5% on concern over size of OPEC output cut, Asian and European markets take hit, Dow primed to open 400 points lower this morning

UPDATE:  OPEC negotiations in Vienna

Financial Times/Anjil Raval and David Sheppard/12-6-2018

“Oil prices fell almost 5 per cent on Thursday to below $59 a barrel as Saudi Arabia signalled that producers were working towards a deal to cut output that could fall short of market expectations.”

UPDATE:  Global stock markets

Bloomberg/Samuel Potter/12-6-2018

“U.S. equity futures tumbled alongside stocks in Europe and Asia as concern resurfaced that trade tensions between the world’s two largest economies are far from resolved.”

Table courtesy of TradingEconomics.com

USAGOLD note:  The markets are reacting to the arrest in Canada and possible extradition to the United States of Huawei’s chief financial officer, Wanzhou Meng, in connection with violation of U.S. sanctions on Iran.  Bloomberg reports that “China promptly reacted with outrage.”  Gold’s reaction thus far is muted – down $2 at $1236.  Silver is down 11¢ at $14.37.


 

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