Crude Oil:
On last Tuesday, oil ministers from Saudi Arabia, Russia, Venezuelar and Qatar announced agreement to freeze oil output as January production. Crude oil experienced short rally until latest US inventory points to new record high with additional over 2147 million barrels over past week. As long as OPEC countries don't reduce production, existing oil glut would continue to pose downward pressure on crude oil price which is still one major forces pulling global stocks.
Singapore:
STI rose 3% over past week which was also the best week since 2016. Good sign is that 5 years support ~2530 still hold firm. Strong resistance is at 2791. Global market has been rebounding amid retreat of gold price.
Market Calendar on coming week:
(SG: Singapore; CH: China; US: USA)
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