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Commodity Gold & Crude Oil News Update-04 July 2016

Crude oil & Gold

UK ECONOMY

According to the IMF, the UK accounted for roughly 2.4% of global GDP in 2015, down from about 4% in the early 1980s. This means that the slowdown in the UK will barely nudge the world’s large economies at all. For example, Goldman Sachs economists now estimate that the spillover effects on the US economy from the Brexit vote will be a scant 0.1%.

Global GDP

China Industrial

GOLD
Gold also received a boost on talk of additional stimulus from the Bank of England, the European Central Bank and the Bank of Japan. Gold will be particularly sensitive to any move that involve negative interest rates.

CRUDE OIL
Fears of sharp production cuts from a looming strike by Norway’s oil sector eased as output from the North Sea’s biggest producer would only fall by about 7% in case of a walk-out, according to Norway’s Petroleum Directorate. About 7,500 workers on seven oil and gas fields in Norway could go on strike from Saturday if a new wage deal is not agreed before a Friday deadline. Norway oil workers agree wage deal, avoid strike ON 2ND JULY 2016

Norwegian offshore oil workers and employers signed a new wage deal on Saturday, avoiding a strike that would have cut the output from western Europe’s top oil and gas producer by about six percent, employers and unions said.

A conflict would initially have capped Norway’s daily oil and natural gas output by 229,000 barrels of oil equivalents.

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