Overnight Market Brief – 25 October 2021

WTI rose 1.5% on Friday, completing its ninth straight weekly increase, the longest such stretch since 2015. Coming this week: Major oil companies including Shell, Exxon and Chevron report earnings starting on Thursday. The weeklong Singapore Energy Summit kicks off Monday. Gold and silver pared early gains after US Federal Reserve Chairman Jerome Powell said the central bank will soon begin tapering bond purchases while remaining patient on raising interest rates. Saudi Arabia has pledged to eliminate planet-warming emissions within its borders by 2060. Coal mines in Shanxi, Inner Mongolia and Shaanxi cut prices by 100-360 yuan per ton recently to stabilize prices, the NDRC said. China will enter La Nina conditions in October, Xinhua reported.

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