OIL- OPEC will not increase their output (go back »)

Equity markets around the world, went through a ho hum trading session on Monday, while UK and the US were enjoying a holiday weekend. Over night OPEC announced that they will not be increasing their output, even after an attack on a Nigerian pipeline pushed oil prices north of 133 dollars per barrel again.

We are expecting a flat open from the FTSE, however the day will be full of surprises. While there is no economic news out of the UK this morning, there are plenty from the EU zone, and US when UK traders come back from lunch. If the US consumer confidence is below the expected number, the US dollar will take a dive, which will result in higher oil price as well as gold, which will boost the FTSE energy and mining sectors.

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