Oil comes to its five weeks increase. That is the continuous increase since the December period. The cause is the declining stock and the market is also tightening ahead the OPEC+ meeting. 

Based on the plan, that meeting will consider to pump more crude oil. The futures contract next month in New York increased by more than two percent this week. 

Meanwhile, the BRENT global Benchmark is on its highest level since the October 18. The alliance leaded by Saudi Arabia and Russia will be met in 1 of July this year. 

So many parties predicted that the group will widely turn on the output made in August again. That is based on a survey made by Bloomberg lately and it is quite reasonable. 

The Fuel Consumption Rebound Reduce the Stock

The fuel rebound consumption in several major areas such as in the United States and Europe is reducing the stock quickly. Some sign the possibility that the BRENT rude oil benchmarknmay reach $100 per barrel again. 

Besides that, there is also a prediction about the Iran oil increase prospect which can be happened soon. However, it seems that the prediction is getting lower right now. 

It is because there is a discussion to rise the deal about nuclear which has been talked before. Elsewhere, Russia is now considering to make a proposal that OPEC+ increases their profmduction. 

Their delegates also say that the increase is now discussed in an informal way. The average increase prediction made by the analysts is around 550000 barrel per day. It is almost a quarter from the global stock deficit.

Gold Commodity was Moving Lower

In the other case, the gold was moving lower in a fluctuative trade happened on Thursday. The cause is the various clues made by the US Federal Reserve representatives. 

The topic is about the approaches which may be taken by the central Bank to pull the stimulus.  Somehow, that situation makes the investors are still alert and highlighting that. 

The spot of gold decreased by 0.1 percent and became $1,776.65 per ounce. It reversed some increases happened in the beginning of the session. It is because the dollar closed the early decline. 

A day after, The Fed leader Jerome Powell, said that the interest rate will be not increased to fast. Furthermore, inflation will be not become the only consideration in a decision-making.

Inflation may be Happened Longer

Two of the Fed’s representatives said on Wednesday that the inflation may be there for a longer time than the expectation. A representative predicted that the interest rate increase may happen next year. 

It is especially at the end of 2022. Alex Turtles as a senior market strategy expert in the RJO futures expressed his concern about the possibility of the interest rate increase. 

It is also about the asset purchase reduction from the Fed. Those conditions still wright on the sentiment in the gold market and it must be continued. That is at least until the market gets a clear policy. 

The Higher Result will be good

For your information, Turro also added that the higher results will become a fresh wind for the gold bar prices. It can increase the cost chance to hold that commodity in the market. 

Meanwhile, the other expert from the TD securities also said that the golf purchase in the major India and China is still possible to weak in the closer time. That can press the market right now. 

The gold bar investors are mostly also denying the data. It is especially those which show the initial claim decline for the jobless allowance in some states in USA and the yearly increase that happen.