Oil mixed, with US crude above $79
Oil prices were mixed on Tuesday ahead of important developments this week, including OPEC's meetings and global central banks gatherings.
Reuters reported that OPEC pumped 28.87 million barrels a day this month, down 50 thousand bpd from December.
Markets await crucial policy meetings this week by the Federal Reserve, Bank of England, and the European Central Banks.
The Federal Reserve alongside its counterparts is expected to increase interest rates to control inflation.
US crude futures due in March rose 1.5% to $79.04 a barrel as of 19:53 GMT.
Brent March futures dipped 0.5% to $84.4 a barrel.
What's expected in the days to come?
The oil market will be exposed to pressure as the dollar edges up and following aggressive policy decisions, while Europe's ban on Russian crude gets into effect in February.
Wall Street gains ground on track for monthly profit
US stock indices rose on Tuesday as investors await the Federal Reserve's decisions and corporate results.
A batch of results is coming this week, including from Apple, Meta, Amazon, alphabet, and Twitter.
The Fed is starting its two-day policy meeting today and will issue its decisions tomorrow, expected to hike rates to control inflation.
Earlier US data showed the US consumer confidence index fell to 107.1 in January from 109, missing estimates of 109.1.
Dow Jones rose 0.2%, or 73 points as of 15:19 GMT to 33,780, while S&P 500 rose 0.4%, or 17 points to 4,035, as NASDAQ added 0.6%, or 70 points to 11,463.
What's expected for the stocks market?
Markets await crucial policy meetings this week by the Federal Reserve, Bank of England, and the European Central Banks.
As global central banks stave off inflation, Wall Street is expected to mark monthly profits in January, with S&P 500 heading for the best January since 2019.
Palladium plumbs $1,600 as investors await Fed's decisions
Palladium prices fell on Tuesday as the dollar edged lower while investors await the Federal Reserve's policy decisions.
The Fed is starting its two-day policy meeting today and will issue its decisions tomorrow, expected to hike rates to control inflation.
A rate hike might support the dollar, in turn pressuring most commodities and industrial metals.
Palladium is used heavily in electronics and the car industry for its ability to reduce emissions.
The dollar index stabilized at 102.2 as of 14:58 GMT, with a session-high at 102.6, and a low at 102.1.
Palladium futures due in March fell 2% to $1,595 an ounce as of 14:58 GMT.
What's expected from Palladium in the days to come?
Despite giving up the $2000 barrier and before it the $3000 following the Ukrainian war, analysts still expect palladium to gain ground as demand increase while China eases Covid 19 restrictions.