Open: New York Session | Forex, Metals, Oil, Agriculture December 05, 2022



Chinese stocks rallied, while the yuan strengthened past the key 7-per-dollar level as a result. The dollar remained near session lows, boosting most Group-of-10 currencies.


Oil advanced, while gold was little changed.


US efforts to get Saudi Arabia to put more oil on the market failed spectacularly earlier this year.So far at least, Riyadh is putting its ties with Moscow first. All eyes are now on how the Kremlin re View in browser European sanctions against Russian oil kick in today in a historic intervention in the global market. But the risk to oil markets and indeed the global economy is that Russia retaliates by shutting off the taps. All eyes are now on how the Kremlin reacts.The European Union and the UK will stop buying most seaborne Russian oil.
Emma Ross-Thomas Oil pumping jacks in the Republic of Bashkortostan, Russia, in 2020. OPEC+ cut production in October, and held steady at its meeting yesterday.

United States

Subdued stocks US equity futures were on the back foot, with S&P 500 and Nasdaq 100 contracts down about 0.3% as of 5:07 a.m. in New York. The NASDAQ had been down about 1.6% at one point in the morning, and only ended 0.18% lower.