7:28 AM 12/7/2016 Wednesday clippings
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"Oil markets are on track to tighten over 2017, which will be accelerated by OPEC's decision to reduce production alongside non-OPEC countries," said BMI Research. "If effectively implemented, we expect the global oil market will return to balance in Q1 2017."
Oil production has been outpacing consumption by 1 to 2 million barrels per day since late 2014.
"The average annual oil price will be higher in 2017 than in 2016, with Brent at $55 per barrel for the year," BMI Research said. The average 2016 Brent price has so far been $44.47 per barrel.
StreetInsider.com
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LONDON (Reuters) - The dollar edged back up toward a 10-month high against the yen on Wednesday, while most major currencies appeared to be looking ahead to Thursday's European Central Bank policy meeting.
The ECB is widely expected to announce an extension to its quantitative easing program, but there is uncertainty over whether the size of the monthly asset purchases will be kept steady or scaled back, and over whether a formal signal on the eventual end of the asset-purchase program will be sent.
If the ECB does say it will start to scale back its asset purchases - so-called tapering - the euro would be likely to rebound following a 4 percent fall against the dollar over the past month, analysts said.
On Wednesday it edged up 0.1 percent to $1.0724. The European currency had slumped on Monday to $1.0505, its lowest since March 2015, in a knee-jerk reaction after Italian Prime Minister Matteo Renzi lost a referendum on constitutional reform and said he would resign.
"The Fed is hiking rates, the ECB might extend the duration of its program... but the next big thing is going to be tapering," said Marten. "There's a general move away from adding onto expansionary measures. So the central banks that continue to signal that they are willing to do that stand out."
Against a basket of currencies, the dollar was flat at 100.50 .DXY>, having poked above 102.00 to a 13-1/2-year in late November as U.S. Treasury yields soared on prospects of president-elect Donald Trump adopting large fiscal spending and reflationary policies.
"There are not many factors for the market to trade on ahead of Thursday's ECB meeting, which remains the week's focal point," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. "It could spell the beginning of the end of the Trump rally."
The Canadian dollar was flat ahead of a Bank of Canada policy meeting that is expected to see interest rates left unchanged .
For Reuters new Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=
http://emea1.apps.cp.extranet.thomsonre ... ivemarkets
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