Oil Prices Drive Equites and Precious Metal Moves

Oil Prices Drive Equites and Precious Metal Moves Gains were sparked by an apparent agreement between Saudi Arabia, Iran, Venezuela and Russia to limit production and maintain quota. Also a new IEA report helped oil continue to gain.

While U.S. light, tight oil output is falling steeply for now, the market will begin rebalancing in 2017 – and by 2021 the United States and Iran are seen leading production gains among non-OPEC and OPEC countries, respectively," the report said.

U.S. shale oil production from hydraulic fracturing, or fracking, has made the nation a leading oil producer, resulting in a significant reduction in U.S. imports of crude oil in recent years. But excess oil on the market, as a result of dropping U.S. and

Asian demand, has resulted in oil prices falling to a seven-year low. As a result, U.S. producers have ratcheted back production, shutting down drilling rigs and laying off tens of thousands of workers over the last six months.

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