For those commodity traders out there, one to add to your watchlist is oil.
Saudi increased production by 500,000 barrels and there's an expected further 700,000 barrels from Libya but no saying when this will be. Same with Canada, where one of the largest production fields is expected to come back online so I expect a bit more range bound action due to the increase in production. Trump is also pushing Russia to increase output, but let's be honest, Russia doesn't like being told what to do, I don't think we'll see an increase in production from them for at least a little while.
However, the increased production still doesn't trump the daily global demand so I'm expecting one final push to around $85-88pb by the end of the year before production eventually gets on top of global demand and the trend changes.
Please DYOR, these are just my opinions and I've been known to be wrong in the past.
