Oil bounced back on Wednesday, as the OPEC group of oil producing countries announced improvement in their output levels over the coming months. For the January Nymex contract, the price of U.S. light crude oil (WTI) recovered 1.6 percent to $45.28 a barrel, while the January delivery Brent contract picked up 1.8 percent to $48.25.
In November, in the expectation of a rebound in crude demand in 2021, but also an expansion of the OPEC supply cuts, WTI’s share price soared by more than 26 percent and Brent picked up 27 percent. OPEC has made steps towards an agreement to expand existing production cuts, according to sources cited by ‘Bloomberg’. Due to a lack of agreement among members of the oil-rich alliance, the plenary meeting scheduled for Tuesday was postponed until Thursday. On Wednesday, crude oil prices have benefited from the announcement of last week’s small fall in U.S. crude oil inventories.
After dropping almost 5 percent in 6 sessions, Gold rebounded for the second session, which had lowered it to the lowest level in 5 months. On Wednesday, the yellow metal ounce recovered 0.6 percent (after 2.1 percent on Tuesday) to $1,830.20 for the Comex futures contract in February, taking advantage of cheap purchases and the continued decrease of the dollar, making purchases of gold less costly.
On the Wall Street, major player Amazon.com Inc (AMZN) slipped -0.51 percent to close at $3203.53 on Wednesday. According to the Wall Street Journal, the e-commerce giant is poised to boost the digital audio market through the acquisition of US podcast studio Wondery, for which it is currently offering $300 million. In 2020, Wondery, one of the United States’ leading podcast design studios, created $40 million in revenue, primarily through ads. The company specializes in documentaries, including the series Dr Death and Business Wars.