Oil prices soar on hopes of OPEC deal, euro zone CPI hits 2.5-year high, a string of U.S. data is on tap, and markets are flat. Here are four things to know in the market on Wednesday, November 30.
1. Oil Prices Soar on Hopes of OPEC Deal
Oil prices soared over 6% on Wednesday, as OPEC closed in on finalizing a production cut agreement.
OPEC members are gathered in Vienna to iron out the details on how the cuts would be distributed. A statement on the agreement will be released during a press conference later this morning.
The U.S. will release its weekly crude supplies data today, with analysts projecting an increase of 636,000 barrels.
The American Petroleum Institute (API) report showed a decline of 717,000 barrels.
U.S. crude oil futures jumped 6.3% to $48.12 per barrel. Brent oil rose 6.93% to $50.60.
2. Euro Zone CPI Hits 2.5-Year High
Eurostat reported on Wednesday that euro zone consumer price inflation increased by 0.6% in November, meeting expectations.
The European Central Bank will hold its monetary policy meeting on December, and is expected to extend its asset purchase program.
Mario Draghi, ECB President, will give a speech in Madrid, Spain today at the University of Deusto Business School.
3. A String of U.S. Data is on Tap
The U.S. is set to release a string of data today, including:
- ADP employment change
- Core PCE price index
- The Fed’s Beige Book
- Chicago PMI
- Pending home sales
- Income and spending
4. Markets Are Flat
Markets were flat on Wednesday. The Stoxx 600 Index in Europe was up 0.1% amid light trading ahead of OPEC’s meeting outcome.
In Asia, the Topix index in Japan was also up 0.1%. The MSCI Asia Pacific Index rose 0.2%, with Samsung Electronics Co. (KRX: 005930) climbing to a record high.
U.S. futures gained 0.1%.
